As newly inserted section in the chapter of TDS requires tax to be deducted at source if any specified person withdraws Rupees more than 1 Crore from any banking company, co-operative bank or post office. This section came in force on September 1st, 2019 in order to discourage cash transactions and move towards cash-less economy.
Continue reading “Sec 194N- TDS on Cash Withdrawal of more than 1 Crore”Rent Free Accommodation?
Mandatory furnishing of return of income by certain persons (Section 139)
Currently, a person (other than company or firm) is required to furnish the return of income only if his total income exceeds maximum amount not chargeable to tax, subject to certain exceptions.
Therefore, a person entering into certain high value transaction is not necessarily required to filed his return of income.
House Rent Allowance?
What do mean by House Rent Allowance? House Rent Allowance also known as HRA is given by employer to its employee as a part of their salary. This type of allowance proves to be beneficial for an employee as it reduces the tax liability of employee. Employee can get deduction upto 50% of Salary or @40% of salary depending upon the states in which he resides. Employee can only get deduction if he lives or resides in a rental accommodation.
Employers give financial assistance to their employees by giving them Rent allowance. If an employee stays in his or her house then such tax deduction in regards to House Rent Allowance would not be allowed to him or her.
Continue reading “House Rent Allowance?”What if Form 16 not received from Employer?
Although, its mandatory for an employer to issue Form 16 to its employee but in any case employer does not give or issue Form 16 to its employee then how an employee can file his ITR i.e. Income Tax Return without Form 16, here below are the steps required to follow by the employee to file his Income tax Return without Form 16.
Continue reading “What if Form 16 not received from Employer?”