Daily Archives: October 7, 2018

TDS on Rent -Complete Guide

By | October 7, 2018

TDS on Rent TDS on Rent -Section 194IB w.e.f 01.06.2017 Read Section 194IB -TDS on Rent w.e.f 01.06.2017 in case of Individual and HUF not liable for Audit TDS on Rent -Section 194I Conditions to be satisfied for applicability of TDS on Rent [section 194-I ]  For applicability of TDS on Rent -section 194-I, following conditions… Read More »

Late Fees & Penalty for delay in filing TDS/TCS Statements under Income Tax

By | October 7, 2018

LATE FILING FEES AND PENALTY FOR FAILURE TO FURNISH/DELAY IN FURNISHING THE TDS/TCS STATEMENTS [As amended by Finance Act, 2018] Before understanding the penalty provisions for failure to furnish the statement of Tax Deducted at Source or statement of Tax Collected as Source (i.e. commonly known a TDS/TCS return) we shall first have a look at… Read More »

No TDS on Internet connectivity Charges Paid for dedicated lease line : ITAT

By | October 7, 2018

The lease line charges were paid by the assessee to the internet service provider for faster internet access on dedicated lease line and as such the said payment had been made for use of telecommunication services / connectivity for transmission of voice / data facility provided by the vendors and not for use of any… Read More »

194IB -TDS on Rent w.e.f 01.06.2017 in case of Individual and HUF not liable for Audit

By | October 7, 2018

Section 194IB of Income Tax Act [ TDS on Rent w.e.f 01.6.2017 ] [ Section 194IB of Income Tax Act – Deduction of tax at source on Rent in the case of certain Individuals and Hindu undivided family] If you are paying Rent in India , then you  must have been confused whether you needs… Read More »

TDS Rates for AY 2019-20 (FY 2018-19) : As amended by Finance Act 2018

By | October 7, 2018

TDS Rates for AY 2019-20 (FY 2018-19) [ TDS Rates for AY 2019-20 (FY 2018-19) As amended by Finance Act, 2018  / Rates for tax deduction at source ] [For Assessment year 2019-20] Particulars TDS Rates (in %) 1. In the case of a person other than a company 1.1 where the person is resident in… Read More »

USA IRS : Drought-stricken farmers and ranchers have more time to replace livestock

By | October 7, 2018

Drought-stricken farmers and ranchers have more time to replace livestock Farmers and ranchers who were forced to sell livestock due to drought may get extra time to replace the livestock and defer tax on any gains from the forced sales. Here are some facts about this to help farmers understand how the deferral works and… Read More »

USA IRS : Information to help taxpayers understand the different tax filing statuses to file your taxes

By | October 7, 2018

Information to help taxpayers understand the different tax filing statuses to file your taxes   Taxpayers usually do not think about their marital status until they file their taxes. However, the marital status of a taxpayer could change during the year, so it is always a good time for a taxpayer to know the different… Read More »

USA IRS : IRS issues guidance on changes in Employment Law and Tax Reduction deductions for business expenses for meals – entertainment

By | October 7, 2018

IRS issues guidance on changes in Employment Law and Tax Reduction deductions for business expenses for meals, entertainment WASHINGTON – The Internal Revenue Service, IRS today issued guidelines on the deduction of business expenses for meals and entertainment, after changes in Employment Law and Tax Reduction (TCJA). The TCJA 2017, eliminated the deduction for any… Read More »

USA IRS : Taxpayers who haven’t checked their withholding  should use the Withholding Calculator ASAP

By | October 7, 2018

Taxpayers who haven’t checked their withholding  should use the Withholding Calculator ASAP The IRS recommends taxpayers use the Withholding Calculator to do a “Paycheck Checkup” as soon as possible. This will help taxpayers check that they are having the correct amount of income tax withheld from their paychecks. Earlier this year the IRS updated the Withholding Calculator… Read More »

USA IRS : Here are facts to help taxpayers understand the different filing statuses

By | October 7, 2018

Here are facts to help taxpayers understand the different filing statuses   Taxpayers don’t typically think about their filing status until they file their taxes. However, a taxpayer’s status could change during the year, so it’s always a good time for a taxpayer to learn about the different filing statuses and which one they should use.… Read More »

USA IRS : Tips for tax preparers on how to create a data security plan

By | October 7, 2018

Tips for tax preparers on how to create a data security plan The IRS reminds tax preparers to protect taxpayer information is not only good for customers and for businesses – is also the law. The protection rule of the Federal Trade Commission (FTC, for its acronym in English) requires tax preparers believe and enact security plans.… Read More »

USA IRS : New credits benefit employers who provide paid family and medical leave

By | October 7, 2018

New credits benefit employers who provide paid family and medical leave Eligible employers who provide their employees paid family and medical leave during the tax years 2018 and 2019 may qualify for a new tax credit for business. This new credit employer for family and medical leave is part of the law tax reform approved in December… Read More »