6) NATIONAL PENSION SCHEME (NPS)
NPS is a beneficial schemefor those people who are mainly in employment and wants some regular income after their retirements. In this article we will discuss in details about NPS
5) Deductions & Exemptions under Income Tax Act for Salaried Individuals
• All individuals or HUFs (except those liable to audit under clause a and b of section 44AB) paying monthly rent to a resident, in excess of Rs. 50,000 are liable to deduct TDS under Section 194-IB @ 5% of the Gross rent paid during the Financial Year.
4) Prevalidation of Bank Account and generation of EVC (Electronic verification code) on Income Tax Portal
Electronic Verification of Income Tax Return after filling is mandatory to accept the Income Tax return for further processing. EVC is a 10 digit unique alphanumeric code to confirm the identity of the person
3) E-ASSESSMENTS
Have you received any scrutiny notice from the Income Tax department? Don’t worry now the government has introduced E–ASSESSMENTS to complete processing of income tax cases. As per Government it will ensure greater transparency and accountability and hence reduction in harassment and other malafide practices by tax authorities in Income Tax Scrutiny Process.
Refund from Income tax departments are getting blocked if the Name, Date of birth, and other Know your customer (KYC) particulars are not same in PAN Card, Aadhar Card and in Bank account. All needs to be same for getting refund from income tax department
As per income tax act, 1961 payment made to non residents attracts tax deducted at source (TDS) provisions. As per TDS provisions if a payment is covered under TDS provisions then there is a mandatory requirement to deduct TDS on such payment. In this article we will discuss all the TDS provisions which are applicable on payment to non residents.
