Author: CA Tarannum Khatri

TDS on Professional Fees u/s 194J : 7 IMP points you should know

TDS u/s 194J is applicable while making payment for professional or technical fees. In this article, we will understand who should deduct TDS u/s 194J, threshold limit for  deduction  TDS u/s 194J, rate of TDS u/s 194J, effects of non deduction of TDS.   TDS on professional fees/ technical fees u/s 194J:   Professional fees/technical fees meaning: Professional service means legal service, medical service, engineering, architectural service, accounting service, technical consultancy, interior decoration service, advertising service or such other profession notified by the Board for the purposes of section 44AA. Royalty is also covered under section 194J. Royalty means...

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PMMY : Pradhan Mantri Mudra Yojana Loan Details

PMMY ! We all are aware of Pradhan Mantri Mudra Yojana Loan. Honble Prime Minister Narendra Modiji has started many schemes for benefit of Indians. PMMY is one of those schemes to help small business persons getting loan for business. It is launched by PM on 8th April, 2015. In this article, I have covered following points regarding Mudra Loan: Types of Mudra LOan Mudra loan eligiblity Where to apply for Pradhan Mantri Mudra Yojana Loan Documents required for Mudra Loan Helpdesk no. For Mudra Loan Types of Mudra Loan : Pradhan Mantri Mudra Yojana Loan has three types : Shishu scheme Kishor scheme Tarun category Shishu scheme: Under shishu scheme, Loan up to Rs.50,000 will be granted.The loan is for business which is in start up mode. Benefits of shishu scheme are Collateral is not required under shishu scheme. There is no loan processing fees or charges ! 1% pm rate of interest. Maximum 5 years tenure period If loan is for working capital, Mudra cards will be issued.It is Rupay debit card and cash can be withdrawal from ATM while working capital is needed. Kishor Scheme: This scheme is for loan From Rs. 50001 to Rs.5 Lakhs. Tarun Category : This category is for Loan above Rs. 5 lakhs to Rs. 10 lakhs. Where to apply for Pradhan Mantri Mudra Yojana Loan: Following lending institutions will grant...

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START UP INDIA SCHEME: 3 IMP points for Entrepreneurs to know

Start up india scheme has been launched by Modi government to encourage entrepreneurs.  In this article, You can know about three important points about the scheme. Objective of scheme, eligibility of scheme and Benefits of scheme. Start up India : New Initiative by Modi Government Objective of start up India: We are living in society where secure job is everything. People like safety and job is the option. But opposite to it, many person has entrepreneur KIDA. They want to do something different and build their businesses. Start up India is mean to help new start ups and entrepreneurs....

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capital gain exemption : How to save capital gain legally

Capital gain exemption is one of the important points to go through while selling capital asset like land, building, plot etc. So instead of choosing way of tax evasion, Learn how to save capital gain legally. Capital gain exemptions available as per income tax act : Here is the summary table of exemptions: Section Capital gain On sale of New property  to claim exemption 54 Long term Residential house property House property 54EC Long term Any asset NHAI or REC bonds 54F Long term Asset other than residential house House property 54B Long term or short term Agricultural land...

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Tax on rent income as per income tax and service tax

Rental income is taxable from the point of view of income tax and service tax. Many times tax payers forget to include or consider rental income while showing income. I have discussed rental income treatment as per income tax and service tax view in this article. You will also get insights about TDS on rent. Tax on rent income under various tax laws: Income tax on rent income: For income tax purpose, we can divide rent income from two sources: Rent income from building or land appurtenant to it. Rent income from land ( no building attached) and other...

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