KnowyourGST-Blog on Indian Tax and Accountign Laws

TDS on payments to Contractors and Sub-Contractors [Section 194C] | AY 2019-20 onwards

Applicability of TDS under section 194C Section 194C provides for deduction of tax at source from the payment made to resident contractors and sub-contractors. Any person responsible for paying any sum to a resident contractor for carrying out…

by Ca Ankit Sharma 11/01/2019 under Income-Tax

TDS on winnings from lotteries, crossword puzzles and horse races (Section 194B and 194BB) | AY 2019-20 onwards

Taxability of casual income As per section 115BB of Income Tax Act, 1961, any income of a casual and non-recurring nature of the type of winnings from lotteries, crossword puzzles, card game and other game of any sort, races including …

by Ca Ankit Sharma 11/01/2019 under Income-Tax

TDS on Interest other than interest on securities [Section 194A] | AY 2019-20 onwards

This section deals with the scheme of deduction of tax at source from interest other than interest on securities. The main provisions are the following: Applicability of TDS under section 194A This section applies only to interest, other …

by Ca Ankit Sharma 11/01/2019 under Income-Tax

TDS on Dividends [Section 194] | AY 2019-20 onwards

Applicability of TDS under section 194 Dividends declared, distributed or paid by a domestic company attracts dividend distribution tax in the hands of the company. Such dividend includes deemed dividend under sections 2(22)(a) to (d). Hence, no …

by Ca Ankit Sharma 11/01/2019 under Income-Tax

TDS on interest on securities [Section 193] | AY 2019-20 onwards

Person responsible for deduction of tax at source This section casts responsibility on every person responsible for paying to a resident any income by way of interest on securities. Rate of TDS on interest on securities Such person is …

by Ca Ankit Sharma 11/01/2019 under Income-Tax

TDS on Premature withdrawal from Employees Provident Fund [Section 192A] AY 2019-20 onwards

Compliance with Rule 9 of Part A of the Fourth Schedule: Certain Concerns Part A of the Fourth Schedule to the Income-tax Act, 1961 contains the provisions relating to Recognised Provident Funds. Under the existing provisions of Rule 8 of…

by Ca Ankit Sharma 11/01/2019 under Income-Tax

TDS on salary (Section 192) | AY 2019-20 onwards

This section casts an obligation on every person responsible for paying any income chargeable to tax under the head ‘Salaries’ to deduct income-tax on the amount payable. In simple words, TDS is to be deducted by every employer w…

by Ca Ankit Sharma 11/01/2019 under Income-Tax

Introduction to TDS and TDS rate Chart | AY 2019-20 onwards

DEDUCTION AT SOURCE AND ADVANCE PAYMENT [SECTION 190] The total income of an assessee for the previous year is taxable in the relevant assessment year. For example, the total income for the financial year (FY) 2018-19 is taxable in the asses…

by Ca Ankit Sharma 11/01/2019 under Income-Tax

Self assessment tax payment procedure

How income tax is collected by Central Government? Income tax is collected by Central Government in the form of - Tax deducted at source (TDS) Tax collected at source (TCS) Advance tax Self assessment tax What is self asses…

by Ca Ankit Sharma 11/01/2019 under Income-Tax

Advance tax payment procedure

What is advance tax? Under Income tax act, advance tax is the mechanism by which Central Government collects taxes payable in the assessment year in previous year itself. Example : Tax payable for the financial year 2018-19 is payable in the ass…

by Ca Ankit Sharma 10/01/2019 under Income-Tax

Cash transactions that attracts Income Tax penalty

Government is trying hard to reduce cash transactions. Income Tax Act is made super powerful to punish those involved in cash transactions above the prescribed limits. If you love cash (everyone do), you must know about these 5 type of transactio…

by Gst Payer 26/12/2018 under Income-Tax

Download Advance Tax Calculator in MS Excel

Under Income tax act, advance tax is the mechanism by which Central Government collects taxes payable in the assessment year in previous year itself. Under Income tax act, advance tax is required to be paid by all the assessees, if there is a…

by Ca Ankit Sharma 02/04/2018 under Income-Tax

FAQ on section 80D of Income Tax Act

1. When can deduction be claimed u/s 80D of Income tax Act? Deduction u/s 80D of Income tax Act can be claimed on payment of medical insurance premium. 2. Which assessees are eligible for deduction? Deduction can be claimed only b…

by Ca Ankit Sharma 17/03/2018 under Income-Tax

Benami property transactions act in simple language

How do people use and enjoy their black money? They buy properties and live an expensive life, but they do not buy on their own name. People who make black money, to hide their expenses incur these expenses on name of other people. In simple t…

by Pulkit Sharma 12/03/2018 under Income-Tax

Cryptocurrencies and Tax - A guide on taxation on Bitcoins in India

Cryptocurrencies are future or are they just a bubble waiting to burst? It does not matter, many have made huge gains by investing in cryptos. Bitcoin is most talked about digital currency and there is reason for it. Over the years Bitcoin…

by Pulkit Sharma 19/01/2018 under Income-Tax