TaxHelpdesk Archives - TaxHelpdesk

Know about Health Insurance Tax Benefits under Section 80D

21 October 2024 / Income Tax

health insurance policies not only prevent us from unforeseeable situations (like COVID-19) and expenses, but also helps in saving taxes by the way of provisions of Income Tax Act.

Deductions under Section 80C & its allied sections

11 December 2023 / Income Tax

Section 80C and its allied sections allow a maximum deduction of up to Rs. 1.5 lacs every year from the taxpayer’s total income and an additional deduction amount of Rs. 50,000 can be claimed under Section 80CCD(1b).

GST on Director’s Remuneration on RCM basis

20 November 2021 / GST

As per the GST laws, if the services are provided by an employer to its employees in accordance with the employment agreement, then it is neither considered as supply of goods nor as supply of services. Therefore, GST will not be applicable in such cases. On the other hand, if the services are not classified as employer employee relationship, then GST will be applicable. This is in accordance with the CBIC’s circular on applicability of GST on director’s remuneration vide CGST circular no. 140/2020 dated 10th June, 2020.

Meaning, Types, Treatment of Dearness Allowance

10 August 2021 / Income Tax

Dearness Allowance or D.A. essentially is considered to be as a component of salary, which is some fixed percentage of the basic salary. It is provided to the central government/public sector employees to bear with the consequences of inflation. Furthermore, the D.A varies from place to place and sector in which the employee is employed.

Rate Chart of TDS for FY 2021-22 AY 2022-23

7 August 2021 / Income Tax

The TDS rates varies from type of taxpayer and the income bracket. The rates of TDS for FY 2021-22 | AY 2022-23 are as follows:

Which Section is applicable – Section 194Q or Section 206C(1H)?

5 August 2021 / Income Tax

Through the Union Budget, 2021, a new section namely Section 194Q was inserted in the Income Tax Act and this section is similar to the provisions of Section 206C(1H) of the Act. This is so because both of these sections deals with same transaction of sales/purchases above Rs. 50 lacs from party whose turnover whose turnover is previous year exceeds Rs. 10 crore. Further, Section 194Q talks about deducting TDS and Section 206(1H) talks about collecting tax.