If an individual stays in India for 182 days or more in a year, he / she is treated as resident in that year regardless of his citizenship. If the […]
Is Income Tax Act applicable only to residents?
No, Income Tax Act applies to all persons who earn income in India, whether they are resident or non-resident.
Can I use PAN to pay the TDS deducted into government account?
No. You are required to have a separate Tax Deduction Account Number (TAN) by making an application in Form 49B with the TIN facilitation center of NSDL.
I am buying a property from a person residing in USA. Should I deduct tax while making payment?
Yes, u/s 195. In case you have any doubt regarding the amount on which TDS is to be made, you may file an application with the officer handling non-resident taxation […]
If the employer does not deduct tax and employee also does not pay his due tax, who will be held responsible for tax payment?
The ultimate responsibility to pay tax rests on the person who has earned income. If the employee deposits such tax then the employer will be liable for interest and penalty […]
I have deducted tax from payments disbursed but used the same for some urgent financial needs. What are the consequences?
It is an offence to misuse Tax Deducted at Source. It should have been remitted to government account within the specified time limit. Failure to deposit TDS attracts levy, interest, […]
I have let out a property for 20,000 per month. The tenant is deducting tax that is more than my tax liability. What can I do under this circumstance?
If you compute your tax liability and find it to be lower than the tax being deducted, you may approach your Assessing Officer by filing Form 13. He will issue […]
I have made some deposits with a bank on which annual interest is around 15000. My income is below taxable limit. The banker wants to deduct tax. What do I do?
You can file a self-declaration to the banker in Form 15H stating that your income is below taxable limit. The form is available with your banker, the local Income Tax […]
What is TDS?
TDS means ‘Tax Deducted at Source’. TDS is one of the modes of collection of taxes, by which a certain percentage of amount is deducted by a person at the […]
Why is it necessary to have TAN?
The provisions of Section 203A of the Income Tax Act, 1961 require all persons who deduct or collect tax at source to apply for the allotment of TAN. The section […]