Can employer give 80G deduction in Form 16?

In organizations, an employer has to deduct TDS on salaries and then pay the salary amount. The amount deducted as TDS by the employer will reflect in Form 16 along with Chapter VI-A deductions claimed by the employee.Every employee has to submit investment proofs to employer for[...]

When should Salaried Employee file Income Tax Returns

So, you are a salaried employee and TDS on your income has already been deducted from your salary and you are feeling that if TDS has been deducted your responsibility towards Income Tax Department has been completed, but this is not completely true.  Let us clarify... Fili[...]

Time limit and Manner of issuing Tax Invoice

Tax invoices are very important as they are necessary to claim input tax credit. However, there are a particular set of rules for the issuing of the invoices. The invoice referred to in rule 46, in the case of the taxable supply of services, shall be issued within a period of th[...]

GST Invoice Rules 2017

An invoice is a commercial instrument issued by a supplier of goods/services to a recipient. It not only identifies both the parties involved, but also lists, describes the items sold/services supplied, quantifies the items sold, shows the date of shipment and mode of transport, [...]

Key Takeaways from Union Budget-2018

In the Union Budget 2018, there has been a clear effort to empower rural economy by providing support to agriculture and boosting infrastructure and social sectors. Reduced tax burden for senior citizens has been met with great cheer and is a good step. Populist demand of t[...]

All about TDS under Section 194J

TDS under Section 194J has been one of the most talked about and puzzling things. However, is it really that puzzling or just tedious? Let us find out.  Section 194J of the Income Tax Act of 1961, states that the Deductor should deduct TDS on professional fees paid[...]

All about Remunerations to Partners in an LLP

Ever wondered how much remuneration or interest to partner is allowable in a Limited Liability Partnership (LLP)? Yes, then this article is definitely for you. So, without further ado, let us get started with the article. Interest payable to partners shall not exceed 12% per annu[...]

What are the differences between Indian and Foreign Income?

Ever wondered how foreign income is different from Indian income? Let us find out.Indian Income Any of the following three is an Indian income:i) If income is received (or deemed to be received) in India during the previous year and at the same time it accrues (or arises or [...]

All About Section 24 Deductions from House Property Income

Section 24 deductions from House Property Income is one of the most discussed topics. However, there are a lot of things about Section 24 that are not necessarily public knowledge. So, to help you out here is our two cents on Section 24 from House Property Income. Income fro[...]

Residential Status under Income Tax Act, 1961

Residential Status and Incidence of Tax on Income under Income Tax Act, 1961The residential status of a person is required to be determined for each assessment year in order to determine the scope of total income. The basis of determination of residential status in respect of eac[...]

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