Section 194N specifies that a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies, co-operative society engaged in the business of banking, or a post office shall deduct TDS @ 2% of a sum exceeding one crore rupees that a person (recipient) withdraws from one or more of these accounts.
Non-resident Individuals irrespective of age Limit the basic exemption limit is RS 2,50,000. There is no concept of a senior citizen or a super senior citizen.
In the Union budget 2020, the Finance Minister proposed a New Tax Regime as an alternative to the existing Old Tax Regime.
Income tax act provides tax benefits to borrowers of home loan with respect to principal repayment, interest payment and registration charges
One of the salient features of section 44AD is that the deduction under section 30 to 38 shall be deemed to have been allowed.
In order to discourage cash transactions and move towards less-cash economy, Section 194N was inserted vide Finance Act, 2019
Section 44AE provides for estimating the business income of an owner of goods carriages from the plying, hire or leasing of such goods carriages.
Income received by any university or educational institution existing solely for educational purposes and not for purposes of profit, and which is wholly or substantially financed by the Government is fully exempt from tax
Income Tax Return (ITR) is a declaration of incomes and taxes thereon by tax payers. It is required to be filed in each assessment year for the incomes in earned in previous year. You had earned incomes and paid taxes (TDS/Advance tax) in previous year.
Professional tax is an indirect tax imposed by the state governments in India. A person earning an income from salary, trades, callings, or practicing a profession are required to pay this tax.
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)
CAclubindia
