Articles by Ajay Kumar Maggidi
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Tax treatment of interest income on PF contributions
Interest portion on PF contributions exceeding 2.5L is taxable under the head "Income from Other Sources". Taxable Contributions = ((Contributions in excess of 2.5L/5L*)+(Interest accrued thereon)-( Withdrawals)).
Important GST Activities of Sept 2021 - Monthly GST Returns
As we are entering into September, certain activities are to be done w.r.t GST returns for the FY 2020-21. This month is the last choice to make corrections in GST returns relating to sales or purchases.
Amendments In GST Refund Related Rules
CBIC has finally rationalized the GST Refund rules via Central Goods and Services Tax (Fourth Amendment) Rules, 2021. These amendments have been discussed in detail in this article.
Income Tax Implications on Loans to Employees
Many organizations across the globe are offering loans to employees to support them in these difficult times. Here are the income tax implications for employees for the loans or advances offered by the employer.
Income Tax Savings on Home Loan
Income tax act provides tax benefits to borrowers of home loan with respect to principal repayment, interest payment and registration charges
All you need to know about Employees Pension Scheme?
It is quite common in almost all organization to PF contribution to employees account. Which known as Employee provident fund scheme. And it is bundled with another retirement benefit called Employees Pension Scheme (EPS).
Form 15CA and Form 15CB: Forms to be filed for Payments made to Non Residents
When taxpayers are involved in making payments to Non-Residents, they shall comply with the provisions of income tax which requires the taxpayers to file Form 15CA and 15CB as applicable.
Benefits under the Income Tax Act for creation of employment
A taxpayer is eligible for deduction up to 30% of Additional Employee Cost for three consecutive assessment years, starting from the relevant previous year in which a new employee was employed.
Which ITR form to be filed by Individuals to file their taxes?
Income Tax Return (ITR) is a declaration of incomes and taxes thereon by tax payers. It is required to be filed in each assessment year for the incomes in earned in previous year. You had earned incomes and paid taxes (TDS/Advance tax) in previous year.
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