Simplifying Tax for C.A's and Taxpayers

Category Archives: Income Tax

No TDS on PF withdrawal upto Rs 50000

No TDS on PF withdrawal upto Rs 50000

Good News!!! No TDS for provident fund withdrawals of up to Rs 50,000 from June 1, 2016

The Finance Act, 2016 has amended section 192A of Income Tax Act, 1961 to raise the threshold limit of PF withdrawal from Rs 30,000 to Rs 50,000 for Tax Deducted at Source (TDS) with effect from June 1, 2016

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Get ready for new service tax rate 15% from June 1, 2016

Get ready for new service tax rate 15% from June 1, 2016

A cess is a tax that is levied by the government to raise funds for a specific purpose. With effect from June 1, 2016, a new cess proposed by Budget 2016-17 called Krishi Kalyan Cess (KKC) will apply. In this regard, a new Chapter VI has been inserted in the Finance Bill, 2016, that contains the provisions, which is applicable with an enactment of the Finance Bill, 2016. Thereby, effective rate of Service tax going to be increased from 14.5% to 15%. Read More

Missed your income tax proof submission deadline..Still you can save tax

Missed your income tax proof submission deadline..Still you can save tax

Many of us, due to work pressure or for other reason, forget to submit proofs for investment made for tax purposes or for claiming deductions or reimbursements to the employer. Even sometimes, we do invest in tax saving investments near the year end which we realize later is generally past the income tax proof submission deadline. Result: Employer deducting higher taxes.
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Do declare your interest Income yourself

Do declare your interest Income yourself
  • “I do not want to declare interest as it will add to my tax liability.”
  • “ I believed that interest on saving bank account is tax free “
  • “My bank has not deducted TDS on this interest. I am not supposed to report this part of interest”

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