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NIGHTMARE FOR PROPERTY BUYERS!

FM thrusts onerous obligation of deducting TDS on all purchasers of immovable property over Rs.50 lakhs  The taxing proposal, which came to be announced by Pranab Mukherjee in his Budget proposals in February, 2012, but soon came to be rolled back, when he realized its harsh implications, has quite astonishingly been sneaked in once again by P. Chidambaram in the Finance Bill, 2013.  ILLOGICAL JUSTIFICATION...

FREEDOM FROM TDS

Filing of Forms 15G or 15H, subject to relevant conditions, can help you enjoy the benefit of no TDS!  Although the net of tax deduction at source (TDS) has been considerably widened in the past few years, there are provisions to enable you to avail of no deduction of TDS from your income.     Section 194A of the Income-tax Act provides for tax deduction at source (TDS) at 10% out of interest payments exceeding...

COMPUTING TDS ON SALARY

Report all eligible exemptions & deductions to your employer to ensure non-deduction of excess TDS from your salary!              Section 192 of the Income-tax Act prescribes for tax deduction at source out of payments representing any income chargeable to tax under the head ‘Salaries’. The provisions for tax deduction at source from Salaries during each Financial Year are explained by the Central Board of...

KBC – NO FREEDOM FROM TAX!

All winnings from Lottery or Games are taxed at flat rate of 30% & TDS is mandatory before Prize is handed over! Though the popular TV Game Show KBC (Kaun Banega Crorepati) will launch its 5th Avataar on India’s 64th Independence Day 15th August, 2011, it will indeed be ironical that its prize winnings will enjoy ‘no freedom from tax.’  Participants receiving cheques signed by Big B for the full prize money as...

HOW TO ENSURE NO TAX DEDUCTION?

All you wanted to know about TDS on Interest in Simple FAQs Section 194A of the Income-tax Act provides for tax deduction at source (TDS) at 10% out of interest payments exceeding Rs.10,000 in a financial year.  However, with a view to grant relief to persons who are not under liability to pay any income-tax, special provisions have been made under Section 197A, which permit the benefit of no tax deduction even on...

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