Author: CA Tarannum Khatri

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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What is service tax | 11 important points to know

What is service tax? Are you service provider and not sure about service tax applicability, service tax rules and exemption? Read the post to know all the important points related to service tax. You will get insights of following points in this article: Definition and history of service tax Changes in the service tax rules Service tax registration procedure Steps to check Applicability of service tax Declared services under service tax which are taxable Activities not covered under service tax Negative list under service tax Service tax due dates for return and payment Issue of invoice under service tax...

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How to calculate interest on late payment of TDS u/s 200 (1A)

TDS ( tax deducted at source) payment is one of the important task in finance due to heavy interest on late payment of TDS and heavy fees on late filling of TDS return. In this post, you will learn following points: how to calculate interest on late payment of TDS u/s 201 (1A), How to calculate interest on late deduction of tax deducted at source How to calculate fees and penalty for late filling of tds return. HOW to calculate interest on late payment of TDS u/s 201 (1A)? To understand about calculation of interest on late payment of...

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