How should I communicate the benefits u/s 89 and the consequent rate of deduction of TDS to my employer?
You have to calculate the amount of
tax after availing benefits of deduction u/s 89 of the Act and submit Form No.
10E online on the I-T website. You must keep your salary slip safely as proof
for the arrears/advance. After submitting this form, you can give a copy of it
to your employer so that he can pass on to you the benefit of the reduction in TDS.
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At what rate should the TDS be deducted u/s 194A?
TDS is to be deducted at the rate of 10%. If the recipient of income doesn’t furnish his PAN to deductor, then TDS is to be deducted @ 20%. No surcharge, education cess or SHEC will be added to the basic rates.
Can I claim benefits u/s 54EC, 54 and 54F at the same time?
The benefits of exemption u/s 54EC can be clubbed with those under either section 54 or 54F but not both.
TDS
TDS means any tax is deducted on your income/ receipts. You can find these details in Form 26AS. By uploading Form 26AS these data will be automatically filled up. TAN(Tax deduction and Collection account number)= You will get this at the form 16 or ...
How do I know what rate of TDS is applicable to my income?
There are different TDS rates described in different sections of the Income Tax Act, depending on the type and manner of the payment. TDS is deducted by estimating the likely tax amount on your income as per the slab rates currently prevailing for ...
Why did I get a Tax Notice u/s 156?
A Demand Notice u/s 156 is sent to you by the I-T Dept. for demanding payment for any additional tax liability, interest or penalty that may be levied on you. This demand is raised by your assessing officer in respect of any assessment order for ...