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Perk up your Employee’s Diwali with a Tax-free Gift!

Gift Below Rs.5,000 On Ceremonial Occasion Treated As Tax Free Perk Under I.T. Rules “If you give what can be taken, you are not really giving,” quoted the noted Sufi author Idries. Trying to think of giving something to your employees during the coming festive season, out of which even the Taxman cannot take anything? Here is a smart idea! Tax Free Gift on Ceremonial Occasion Rule 3(7)(iv) of the Income-tax Rules...

TDS Becomes Less Taxing!

TDS Rates Rationalized No Messy Computation Of Cess & Surcharge  October 1, 2009, has also brought some welcome provisions of rationalization of TDS rates and reducing multiple classifications (see Box). TDS BECOMES LESS TAXING – Effective October 1, 2009 Section Nature of Payment Old TDS Rate New TDS Rate 194C Payment to Contractor – Indl./HUF 2% 1% 194C Payment to Contractor – Firm/Co.   2% 2% 194C   ...

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