What is Gratuity? Gratuity is defined as a sum of money that is paid to the employee over and above the decided salary at the time of his retirement Who is eligible for Gratuity? An employee is eligible to receive a gratuity only if he has completed five years of employment with an organization. However, …
TDS stands for tax deducted at source. As per the Income Tax Act, any company/bank or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. TDS has to be deducted at the rates prescribed by the tax department. TDS is basically a part of income tax. …
The major changes and amendment of Income Tax in Internal Budget 2019-20 as below :-
It is a tax levied by the Government of India on the income of every person. The provisions governing the Income-tax are covered in the Income-tax Act, 1961.
Form 15G and Form 15H are used for TDS is not deducted by Bank on income of Interest. This form applicable which income below the taxable limit in financial year and have a PAN number. These forms can be submitted online through the bank’s website for some banks and as well as offline mode. What …
