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Section 194IA – 1% TDS on Property Purchase [Home Loan]

While buying property of Rs. 50 lakh or more, a buyer needs to deduct tax [TDS] at the rate of 1% [Section 194IA] In this article, we will cover various aspect of section 194IA relating to the Tax deduction on purchase of immovable property. Few details may seem repetitive. Bear with me :? A...


Section 192: How to Calculate TDS on Salary FY 2017-18 [AY 2018-19]

Every employer should deduct TDS at an average rate of income tax while paying salary to their employees if annual salary payment exceeds Rs.2.5 lakh (for individual below 60 years) or 3 lakh (for individual of 60 years or more but less than 80 years) or Rs.5 lakh (for individual of 80 years or more...


TDS on Rent: Section 194I , 194IB and its Limit

In this article, we will cover provisions of TDS on rent paid by a tenant or lessee : Under section 194I, and Under section 194IB (not liable for tax audit) Let's get to it one by one! TDS under section 194I  A tenant or lessee is required to deduct income tax (TDS) while paying or cr...


2% Tax Deducted At Source [TDS] Under GST With Example

TDS refers to a tax collection mechanism in which a payer (deductor) deduct tax amount while paying the receiver (deductee). TDS under income tax and GST are completely independent of each other i.e they are not related. In this article, we will cover various aspects of TDS under GST with exam...


Life Insurance: Tax benefit on Premium and Maturity [AY 2018-19]

Other than the advantage of securing one’s life by taking a Life Insurance Policy, there are income tax benefit in form of deduction & exemption on both Premium payment (under section 80C), and Receipt of maturity value (with some conditions). In this article, we will cover tax ded...


Section 192A : TDS On Employee Provident Fund (PF) Withdrawal

TDS Rate Under Section 192A TDS will be deducted by the trustee of EPF at the following rates if at the time of payment of the accumulated provident fund (PF) balance is Rs.50000/- or more- a) if PAN provided-TDS @ 10% b) if PAN NOT provided- TDS @ 34.608% (Maximum marginal rate)   ...


TDS rate chart for FY 2016-17(AY 2017-18) as per budget 2016

Sl. No Nature of payment Limit (below this no TDS) TDS rate in % Individual/HUF Others 1 192- Salary - requires calculation NA 2 192A-Premature withdrawal from EPF 30K (50K w.e.f. 01/06/2016) 10 NA 3 193 - Interest on securities 10,000 10 10 4 194 - Dividend...


Form 15G and 15H: Meaning, Eligibility and Due dates

Meaning Banks have a statutory obligation to deduct tax from the interest payable to you and at the same time, Income tax department discourages resident assessee from filling income tax return if their total income does not exceed the maximum non-taxable limit [Rs. 2.5 lakh for an Individual Tax p...


TDS Due dates, Return, Certificates For March 2018 [FY 2018-19]

  Due date for the deposit of TDS (Tax deduction at source)                    Situation Due Date 1 TDS deducted by an office of  the government(without challan) same day of deduction 2 TDS deducted by an office of  the government(with challan) 7th day from th...


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