Author: CA Tarannum Khatri

TDS on Service tax : No more confusion

No TDS on service tax on payments made/ due to resident payee if service tax component is indicated separately in the agreement/ contract. Supporting decision about NO TDS on service tax : In the recent verdict of the Hon’bleRajasthan High Court, the Commissioner of Income Tax (TDS), Jaipur Vs. M/s. Rajasthan UrbanInfrastructure held that if the terms and conditions of the agreementbetween the payer and the payee has already been agreed for, the amount of service tax will be paid separately and not to be included in the fees forprofessional services or technical services, than no TDS isrequired to...

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What is mutual fund : learn basics before investing

We many times get advice that investment in mutual funds gives huge return. What is mutual fund and how does it work? You need to learn some basics of mutual funds before investing. Read the post to understand upsides and downsides of the mutual funds investing and how choose the products that matches the investor financial goals and risk tolerability. What is mutual fund ? What Over the years, the investors have turned to Mutual Funds to save for the retirement and other financial goals such as child education, buying a House, Automobile Purchase etc. Well, the Mutual Funds can...

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CALCULATION of income tax , ITR Forms & DEDUCTIONS

Many taxpayers are worried about their taxes, refunds, filing of returns ( ITR forms) and the most important aspect is calculation of  income tax so that no future correction statements need to be filed with the Income Tax Department and one can avoid the extra consultancy charges to be paid to the outsiders. From this year, the Income Tax Department has made quite simpler the process of Filling of the Income Tax Return and simultaneously the calculation of the Correct Income Tax Payable/Refund. All the major aspects regarding the Income Tax Calculation & Income Tax Calculation have been discussed...

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Service tax code verification online in 3 simple steps

Service tax code verification can be done online using simple 3 steps. It is helpful to determine the genuineness of the party whom we are paying service tax. Here, we have explained the manner of verification of service tax number and basics of service tax number. SERVICE TAX CODE VERIFICATION online: Why service tax number verification is important? If we are working with someone in the area of service and we take some services from such persons who provide the same service which we required but how we know about that whether the Service Tax Code Number Provide or...

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Tax Payers Alert: Income Tax on PF Premature Withdrawal

 Latest changes in rules of income tax on PF premature withdrawal: “From June 1, workers’ retirement investment funds surpassing Rs 30,000 will be taxed at 10.3% or the maximum marginal rate of 30.9% in the event if they leave the employees’ provident fund before finishing five years of Service.”  Reference- budget 2015 speech-link Introduction – Income Tax on PF ( Provident fund) An Employee Provident Fund account is a mandatory for all employees earning salary up to Rs 15,000 per month in firms or companies employing more than 20 workers. As per this practice, the portion of the employee’s...

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