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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Service tax on reimbursement expenses : 7 imp points

The finance bill 2015 has made amendment in section 67 regarding service tax on reimbursement expenses. In this article, you can get detailed explanation about the implication of this amendment on service tax value and service tax liability. Service tax on reimbursement of expneses – 7 important points –  budget 2015 updated: I am receiving lots of queries about service tax value and taxability of service tax on my blog. Determination of service tax taxable value requires understanding of service tax valuation rule 67. Service tax valuation rules. What is out of pocket or reimbursement expenses? What is pure...

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