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Form 16: Form 16 is a certificate where the employer declares details about the salary an employee earned during the year and details of deducted TDS. Form 16 has two parts Part A and Part B. Part A consists of employer and employee details, which include name, address, PAN , TAN details, employment period, and details of TDS deducted ...
A Form 16 is a certificate issued to salaried class to acknowledge the deduction of TDS from their salary by the employer. It must be issued by 15 June of the following year for which it is being issued.
Tax Deduction and Collection Account Number. In India, a Tax Deduction and Collection Account Number ( TAN) is a 10 digit alpha-numeric number issued by the Income Tax Department to the persons who are required to deduct or collect tax on payments made by them under the Indian Income Tax Act, 1961. [1]
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Income tax return (India) Income tax return is the form in which assesses file information about his/her income and tax thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. When you file a belated return, you are not allowed to carry forward certain losses. [1] The Income Tax Act, 1961, and the ...
With CBS banks can tally FD holding of a customer across various branches and TDS is applied if interest exceeds ₹ 10,000. Banks issue Form 16 A every quarter to the customer, as a receipt for Tax Deducted at Source. However, tax on interest from fixed deposits is not 10%; it is applicable at the rate of tax slab of the deposit holder.
Professional Tax. Profession tax is the tax levied and collected by the state governments in India. It is a direct tax. A person earning an income from salary or anyone practicing a profession such as chartered accountant, company secretary,cost accoutant, lawyer, doctor etc. are required to pay this professional tax.
Corporate taxes (33.99%) Other taxes (2.83%) Excise taxes (20.84%) Customs duties (17.46%) Other taxes (8.68%) other taxes (11.96%) Income tax in India is governed by Entry 82 of the Union List of the Seventh Schedule to the Constitution of India, empowering the central government to tax non-agricultural income; agricultural income is defined ...