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VRS and Income Tax
What is Voluntary Retirement Scheme? VRS is a monetary facility provided by the corporates for the retrenchment of some of its employees due to various reasons related to employees and the company. It is opted by an employee that wishes ...
PENSION AND INCOME TAX
Pension is a kind of retirement benefit that is provided to the retired employees of an organization as compensation for past employment with that organization. It is paid over a regular, fixed period of time and in form of an ...
Income Tax on Encashment of Leave
Income Tax on Leave Salary The basic knowledge An employee is allowed various types of leaves like Casual Levees, Earned Leaves, Medical Leave, Gazetted Holidays, etc. Generally, the employee is allowed to either avail of these leaves or carryforward to ...
What is the TDS rate on Software subscription charges?
The TDS rate on software subscription charges is 2% as per section 194J Fee for technical services.
The TDS rate on software subscription charges is 2% as per section 194J Fee for technical services.
See lessWhat is the difference between executive and non executive director?
An executive director is the full-time working director of the company. They look after the affairs of the company and have a higher responsibility towards the company. A non-executive director is a non-working director and is not involved in the everyday working of the company. They might participaRead more
An executive director is the full-time working director of the company. They look after the affairs of the company and have a higher responsibility towards the company.
A non-executive director is a non-working director and is not involved in the everyday working of the company. They might participate in the planning or policy-making process.
See lessIs TDS deducted on Transports? is there any exemption on it?
The standard TDS rates for transportation charges are as follows: 1% for individual or Hindu Undivided Family (HUF) transporters. 2% for other entities. Exemptions- If a transporter owns fewer than ten goods carriages and has submitted their PAN, TDS deduction isn't necessary.
The standard TDS rates for transportation charges are as follows:
Exemptions- If a transporter owns fewer than ten goods carriages and has submitted their PAN, TDS deduction isn’t necessary.
See lessIs RCM applicable on the fee paid to a foreign player playing in India?
Hi, I am breaking your question into multiple pieces to make it easier to understand. Payment to Nonresident Taxable Person (NRTP) Section 2(77) of CGST Act, 2017 says that a Non-Resident Taxable Person means "any person who occasionally undertakes transactions involving the supply of goods or serviRead more
Hi,
I am breaking your question into multiple pieces to make it easier to understand.
Payment to Nonresident Taxable Person (NRTP)
Section 2(77) of CGST Act, 2017 says that a Non-Resident Taxable Person means “any person who occasionally undertakes transactions involving the supply of goods or services, or both, whether as principal or agent or in any other capacity, but who has no fixed place of business or residence in India.”
Requirement of Registration in IndiaÂ
Section 24 of the CGST Act, 2017, required NRTP to register under GST law mandatorily five days before the commencement of the business irrespective of the minimum threshold turnover limit.
Applicability of RCM
Since NRTP requires the registration, he has to deposit tax in advance, equivalent to the estimated tax liability calculated on the value of taxable supply for the period for which the registration has been obtained.
Conclusion: GST should be paid under forward charge, not under reverse charge.
See lessHow to make payment of TDS on purchase of Property?
Here is the step-by-step process for making payment for TDS on immovable property. Go to the login page of the official Income Tax website (https://eportal.incometax.gov.in/iec/foservices/#/login?language-code=en) log in to your account Navigate to the "E-file" section and select 'e-pay Tax In the 'Read more
Here is the step-by-step process for making payment for TDS on immovable property.
6. Choose your preferred payment mode: ‘Pay later’ or ‘Pay Now’.
7. Click on ‘Pay Now’ to make payment of TDS
8. After payment, the Form 26QB acknowledgment will be generated and can be downloaded.
9. Login as a Taxpayer on the TRACES Portal (https://contents.tdscpc.gov.in/) and generate the TDS Certificate from
See lessCan an employee raise invoice for other services apart to taking salary?
There is no technical issue if an employee raises a service invoice with his company. The only thing is that it should not violate his appointment terms with the company.
There is no technical issue if an employee raises a service invoice with his company. The only thing is that it should not violate his appointment terms with the company.
See lessWho is called a MSME vendor?
A vendor registered under the MSMED Act, 2006 is called an MSME vendor. There are three categories of vendors in MSMED act which are based on their investment and turnover. Micro manufacturing and services units- Rs. 1 Crore of investment in plant and machinery or equipment and Rs 5 Crore of turnoveRead more
A vendor registered under the MSMED Act, 2006 is called an MSME vendor. There are three categories of vendors in MSMED act which are based on their investment and turnover.
- Micro manufacturing and services units- Rs. 1 Crore of investment in plant and machinery or equipment and Rs 5 Crore of turnover.
- Small manufacturing and services units- Rs. 10 Crore of investment investment in plant and machinery or equipment and Rs 50 Crore of turnover.
- Medium manufacturing and services units- Rs. 50 Crore of investment in plant and machinery or equipment and Rs. 250 Crore of turnover.
See less