Claim Foreign Tax Credit under Employee Stock Option Scheme (ESOS) – Avoid Double Taxation of Income

Since the ITR filing due dates are not far, we all have started working on our ITR filings. We all should keep this important aspect in mind while filing our returns if we are getting the benefit of stock options as a part of our CTC in our annually generated Form 16. Many of us … Read more Claim Foreign Tax Credit under Employee Stock Option Scheme (ESOS) – Avoid Double Taxation of Income

Income tax TCS provisions applicable from 1st October 2020

Quick view on the New income tax provisions applicable from 1st October 2020. As all aware of the Amendment  made in the  section 206C in the budget 2020 by inserting subsections. 1. insertion of subsection – 206(1G) 2. insertion of subsection – 206(1H) Insertion of subsection – 206(1G)  Section read as follows  (I) after sub-section (1F), … Read more Income tax TCS provisions applicable from 1st October 2020

TDS – How to deposit TDS challan online? Step-wise Images

In this blog, we have explained detailed procedure to deposit TDS online. The tax liability of a person chargeable to tax is determined according to the provisions of the Income Tax Act. Such tax is determined on the total income of a person on an annual basis. Further, the person can discharge his tax liability … Read more TDS – How to deposit TDS challan online? Step-wise Images

TDS levy on cash withdrawal of over Rs 20 lakh from bank account if you haven’t done this

As per the amended law, if an individual withdraws cash exceeding Rs 20 lakh in an FY from his/her bank account and has not filed ITR during the last three financial years then TDS will be leviable at the rate of 2 percent on the amount of cash withdrawn. If an individual has not filed … Read more TDS levy on cash withdrawal of over Rs 20 lakh from bank account if you haven’t done this

What relief provided to assessee from double taxation? Read here in detail.

Double taxation means taxing the same income twice in the hands of an assessee. A particular income may be taxed in India in the hands of a person based on his/its residence. However, the same income may be taxed in his/its hands in the Source country also, as per the domestic laws of tax country. … Read more What relief provided to assessee from double taxation? Read here in detail.

Centre extended various Income Tax related deadlines for Individuals

* Due dates for Income tax return deadlines extended. Here are the new dates. * In the wake of Covid-19, the Central Government has extended various Income tax related deadlines. Today, the Central government has decided to extend Income tax related deadlines further. The due date for filing ITR for F.Y. 2018-19 was 30th June … Read more Centre extended various Income Tax related deadlines for Individuals

What is the eligibility Criteria for Composition Levy in GST? Know here.

a registered person, whose aggregate turnover in the preceding financial year did not exceed Rs. 1.5 Cr. (75 lacs for Special category State except for the state of Assam, Himachal Pradesh and Jammu & Kashmir,) may opt to pay, in lieu of the tax payable by him, an amount calculated at such rate as may … Read more What is the eligibility Criteria for Composition Levy in GST? Know here.

All about new Form 26AS (Annual Statement)

All about new Form 26AS (Annual Statement) We all have seen Form 26AS where we check the details of the tax deducted by our employer or by our clients in various sections. Form 26AS shows all the tax deducted from our income or collected on our income. TDS deducted on interest income received on FDs … Read more All about new Form 26AS (Annual Statement)

Tax Collected at Source (TCS) – Payment, Exemption, and Rates

Tax collected at source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers. Most of these transactions are trading or business in nature. It does not affect the common man. 1. … Read more Tax Collected at Source (TCS) – Payment, Exemption, and Rates

What is PAN – Permanent Account Number? Know everything about PAN.

A permanent account number (PAN) is a ten-character alphanumeric identifier, issued in the form of a laminated “PAN card”, by the Indian Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application. A PAN is a unique identifier issued to all judicial entities identifiable under the Indian Income … Read more What is PAN – Permanent Account Number? Know everything about PAN.