Profits can't be taxed in the hands of partners

Exempted Income of Firm is not taxable in Partners Hand

Tax relief for partnership firms: Profits can’t be taxed in the hands of partners CBDT has bestowed major relief to partners of a  partnership firm by clarifying that the exempted income of a firm cannot be, in any circumstances, taxed for its profit in the hands of its partners. CBDT has taken...
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Public Provident Fund interest rates

Interest Rates on Public Provident Fund remains unchanged wef 1st April, 2014

Public Provident Fund Scheme, 1968 (PPF Scheme, 1968) and Senior Citizens Savings Scheme, 2004 (SCSS, 2004) – Revision of interest rates The Government of India has revised rates of interest on various small savings schemes for the financial year 2014-15, Savings deposits of up to two years will...
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Taxability on Leave Encashment Leave Salary

Leave Encashment / Salary is taxable or not?

Taxability of Leave Encashment / Leave Salary Leave Salary or Leave Encasement means the amount receives by the employee against the leaves he was given but he has not utilized. The taxability of the leave encashment amount comes under the ambit of section 10(10AA), which depends upon the fulfillment...
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Tds on Service Tax Amount

TDS on Service Tax Amount under New Rule

 TDS not to be Deducted on Service Tax Component shown Separately Whether to deduct TDS on Service Tax Amount? This question had always put deductor in difficulty. The question always comes that whether TDS is to be deducted on the entire amount of the invoice i.e. including service tax or only on the...
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PAN Application fees increased

NSDL Increased PAN Application Fees

NSDL vide its circular No.: NSDL/TIN/2014/004 dated 15th January 2014 has informed that the Income Tax Department (ITD) has revised PAN application fees W. e. f. January 16, 2014 as follows :- From Rs. 96 to 105/- (For dispatch of PAN card in India) From Rs. 962 to 971/- (For dispatch of PAN card outside...
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Minimum Monthly Pension to be Rs.1000

Minimum Monthly Pension to be Rs.1000

Rs 1,000 minimum monthly pension to be a reality this month In an election year, government does not want to leave any stone untouched. After increasing the EPF rates to 8.75%, Government is likely to approve a proposal that will entitle formal sector workers a minimum monthly pension of Rs 1,000. This...
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EPFO Raised Interest Rate

Provident Fund to fetch Interest @ 8.75% for 2013-14

Provident Fund and Employees Deposit Linked Insurance Scheme Rates Increased Benefiting over 5 crore subscribers, Employees Provident Fund Organization has decided to increase interest rate on Provident Fund Deposits to 8.75% p.a. Interest Rate in the previous financial year (2012-13) was 8.5%. The decision...
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