Tax Gyan - The Makeyourtax Blog

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How to calculate TDS on salary

If you are paying salary, tax laws require you deduct TDS before you pay your employee. The taxes are deducted at the source of payments such as salary paid to an employee or commission earned by a broker. TDS provides a way for the government to ensure steady collection of taxes throughout the year, while …

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Top 6 changes in ITR for AY 2016-17

Government has notified the new forms with the onset of the new financial year i.e., 1st April, 2016. The Finance Ministry published a gazette order in this regard on March 30 and taxpayers can file their ITRs till the stipulated deadline of July 31.   In this regard, following changes in ITR for AY 2016-17 need …

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Draft Model GST law placed before public

Finally the much talked about GST Law is placed before public domain. GST is a destination based consumption tax levied at multiple stages of production and distribution of goods and services, with taxes on inputs credited against taxes on output. GST is going to be big game changer and will be one of the most …

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Govt. Group to examine amendments to India-Mauritius DTAA

Press Information Bureau Government of India Ministry of Finance 13-June-2016 Government constitutes Working Group to examine consequential issues arising out of amendments to India-Mauritius Double Taxation Avoidance Agreement and related issues. With a view to examine the consequential issues arising out of amendments to India – Mauritius Double Taxation Avoidance Convention and related issues, a …

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Urgent Notice Individuals: Pay advance tax by June 15

The last date to pay your first instalment of advance tax is tomorrow – June 15, 2016. Till last fiscal, the first advance tax payment date for individuals used to be September 15th but Budget 2016 has made the first instalment payable 3 months earlier now i.e on June 15th this fiscal onwards. Those tax-payers …

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No Tax on Security Deposit of Flats

In a recent judgment that will benefit many, the Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) has held that in cases where employees are provided with accommodations by employers, the notional interest on the security deposit paid by an employer to the landlord cannot be added to the taxable income of the employee.  The …

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