Select your interest and accelerate your financial growth.

Use Section 44AD to reduce the compliance burden of your small business

Small business owners spend most of their time and energy in making their business big and successful. Regular tax assessment and maintaining account books are a costly and tedious affair for them. Section 44AD was introduced to reduce the compliance burden for small businesses and promote ease of doing business. This section makes tax filing simple and easy for small business owners. Section 44AD of the Income Tax Act allows you to pay tax at a fixed rate of your total turnover so you don’t have to maintain an account book with details of your income and expenditure. To avail...more
Print This Page

What taxes are you supposed to pay on commission earned?

Section 194H of the Income Tax Act is levied on income through commission, except commissions on insurance sales. TDS deduction rate Currently, 5% TDS is applied on a payment without any surcharge or education-related cess. If the person deducting the amount does not provide PAN details, then a TDS of 20% is levied. No TDS is required if the total brokerage or commission amount is less than Rs. 5000 in a year. Nil TDS or Lower TDS rate In some cases, you may not have any taxable income. So if TDS is deducted from your payment, you have to file...more
Print This Page

Taxes paid on Interests earned

Section 194A of the Income Tax Act (IT Act) covers tax deducted at source (TDS) on the interests accrued on fixed deposits and other financial instruments, except securities. Interest payments made to non-residents are not under the purview of this section. Main features of Section 194A The main features of Section 194A are: · Any resident Indian receiving interest (except interest on securities) must pay TDS. · If a Hindu Undivided Family (HUF) or an individual is liable for audits of his/her accounts, then TDS must be deducted on interest earned. - TDS is deducted when the amount of interest...more
Print This Page

Know about the taxes deducted under Section 194C

Section 194C of the Income Tax Act is tax deducted at source (TDS), that is, from payments you receive if you fall under the “contractors” or “subcontractors” category. So, the entity paying you must deduct tax at the time of making the payment. Here are the following types of entities responsible for deducting taxes from payments towards contractors and subcontractors: · A company · A firm · A trust · Central or State government · A university · A corporation · Co-operative societies · Registered societies · A government-mandated authority dealing with housing needs and infrastructure development Who is a...more
Print This Page

ITR filings: Claim Section 80DDB tax deductions

Under Section 80DDB, you can claim tax deductions for yourself or your spouse, children, parents or other dependant family members of the Hindu Undivided Family (HUF) towards treatment costs for specific ailments. The amount that you can claim as a deduction under Section 80DDB is proportional to the age of the person for whom the medical treatment is required, and his or her degree of disability. For individuals below 60 years of age, the amount is capped at Rs. 40,000. For people over 60 years of age, the deductible limit is Rs 1 lakh. Ailments covered under Section 80DDB Tax...more
Print This Page

Get tax deductions on your housing rentals!

House rent can be a huge part of one's regular expenditure. For most salaried people, the HRA (house rent allowance) paid by the employer helps in meeting the rents. The Income Tax (IT) Act has provisions to claim tax deductions for the HRA component in their salary. Section 80GG was designed to ensure people who do not receive HRA, such as self-employed professionals, and also get tax deductions if they pay house rent. Section 80GG: Main features Section 80GG is a provision in the IT Act that states that an individual or a Hindu Undivided Family (HUF) can claim a...more
Print This Page

Stock Market Investments made easy

Investing in the stock market is one of the best ways to achieve your financial goals. However, there are certain essential things that an investor should be aware of before entering the stock market. To start with, you need to first choose a stockbroker who acts as a bridge between you and the stock exchange. You should understand your goals and risk appetite before investing money. It is important to cherry pick the broker. If you need research guidance and support in terms of investing alongwith basictrading services, you can opt for a full service broker. If you just need...more
Print This Page

PF Claim Status – How To Check PF Withdrawal Status

PF or Provident Fund is a scheme that is beneficial for all salaried individuals for developing a financial corpus after retirement. In this fund, both the employer and the employee contribute a certain percentage of the salary. The scheme is handled by the EPFO (Employee Provident Fund Organisation). All registered members of the scheme are given a UAN (Universal Account Number). So, if you are a member, then you can use your UAN to check your PF balance for withdrawal and transferring the PF amount from one account to another. In this article, we will focus on the process of...more
Print This Page

PF Withdrawal Online – Step by Step PF Withdrawal Process

If your company subscribes to a provident fund, then as an employee, a portion of your salary is deducted every month and sent to the Provident Fund account. The funds are accumulated over time based on the contribution of both you and your employer. The amount is usually withdrawn after retirement. But, there may be circumstances when you resign from the company and you might require the money. Irrespective of the situation, you can withdraw the money by the help of your UAN (Universal Account Number). The number is granted to you by the EPFO and can be retained even...more
Print This Page

PF Withdrawal Rules – EPF Withdrawal Rules, Conditions & More

Provident fund or employees’ provident fund is a fund created to accumulate contributions from employers and employees. The goal of the fund is to provide the employee with a safety net after retirement. The amount you invest during your working years along with interest will be paid to you once you retire. Provident fund does not just provide a safety net after retirement, it can also do that during your employment years. You can make partial withdrawals on special occasions like marriage or medical emergencies. But, there are certain PF withdrawal rules you need to adhere to. We will talk...more
Print This Page
1 2 23