by Sinewave Team | May 23, 2021 | SMEs, Taxation
1.Definition of agricultural Income: Any rent or revenue derived from agricultural landAny Income derived from such land by-i) agriculture, orii) processing of agricultural produce, oriii) sale by a cultivator or receiver of rent-in-kind of the produce raised or...
by Sinewave Team | May 23, 2021 | SMEs, Taxation
HUF is treated as a separate entity for the purpose of assessment under Income tax act.HUF does not arise from a contract. HUF is a creation of law. After marriage, as soon as a child is born, HUF comes into existence. HF consist of Father, sons and daughters. Wife is...
by Sinewave Team | May 23, 2021 | SMEs, Taxation, TDS
1. Any person, being an individual or a Hindu Undivided Family, responsible for paying to a resident any income by way of rent exceeding 50,000 for a month or part of a month during the previous year, shall deduct an amount equal to 5% of such income as...
by Sinewave Team | May 23, 2021 | SMEs, Taxation
1.Section 40(a)(i): Non-Compliance of provision of TDS where payment is made to Non-Resident Disallowance u/s 40(a)(i) shall be attracted if:A. The amount paid or payable is interest, royalty, fees for technical services or any other sum chargeable under I.T. Act. The...
by Sinewave Team | May 23, 2021 | SMEs, Taxation, TDS
1.Deductor- Any person, [other than individual or HUF (not liable to tax audit in the preceding Financial year)]2. Deductee- Any Resident3. Time of Deduction- At the time of credit or payment, whichever is earlier.4. Rate of TDS- -For use of Plant &...
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