Section 194N: TDS on Cash Withdrawals

Section 194N: TDS on Cash Withdrawals The Union Budget of 2019 proposed various amendments to the existing sections of the Income Tax Act. Amongst such changes, the Budget also bought about the inclusion of new sections such as Section 194M…

Section 80EEA: Deductions for Affordable Housing

Section 80EEA: Deductions for Affordable Housing One of the main highlights of the Union Budget of 2019 was its focus on the objective of Housing for All through the Pradhan Mantri Awas Yojana. Amongst the latest initiations, the Government of…

Section 194M – TDS

Section 194M - TDS The 2019 budget has proposed a new  Section 194M in TDS, to deduct tax for the services availed from resident contractors or professionals by an individual or HUF. Section 194M will take effect from 1st September 2019.…

Download ePAN Card

Download ePAN Card Procedure to download ePAN card through the NSDL or UTITSL portal. ePAN card is a digitally signed Permanent Account Number, i.e. PAN card which is issued in an electronic form. The ePAN card is a valid proof…

New Guidelines for Compounding of Offences

New Guidelines for Compounding of Offences The Central Board of Direct Taxes (CBDT) has issued the revised guidelines for compounding of offences under the Income Tax Act of 1961. The guidelines will be in force from 17/6/2019 and will be…

TDS Challan Correction

OLTAS TDS Challan Correction The deductor, while depositing TDS through challan, is required to provide various information like PAN / TAN, relevant assessment year, appropriate major and minor head code, nature of payment and amount of TDS to be deposited.…

Section 80CCD Deduction

Section 80CCD Deduction It is essential for every citizen to pay their income tax accurately and promptly as the economic growth of the country crucially depends on it. On the other hand, the Government has ensured to make several provisions…

Due Date for TDS Extended

Due Date for TDS Extended The Central Board of Direct Taxes (CBDT) had earlier extended the TDS filing due dates for Odisha. The move was initiated to redress the difficulties faced by the deductors on account of the severe disruption…

House Rent Allowance (HRA) Calculation

House Rent Allowance (HRA) Calculation House Rent Allowance (HRA) is an amount paid by the employer to his employee as a part of the salary. The purpose of providing house rent allowance is to meet the cost of living in…

Income Tax Slabs

Income Tax Slabs In India, the range of income amongst its citizens is diverse. Therefore, a single tax rate cannot be applicable to every taxpayer. For this purpose, taxpayers are identified in different groups based on their incomes. These groups…