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Tax Tips

Beware of penalty on Cash Transactions

Beware of penalty on Cash Transactions

  Wherever possible, avoid cash transactions. There are draconian provisions under Income Tax Act which may hurt your peace of mind! Read this article to know more about it.   Firstly – Are you an income taxpayer? If yes, you are not allowed to accept Loan, Deposit, Repay loan/deposit by ...

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How you can associate with Simplified Laws blog

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  The internet is connecting people across the globe. The World Wide Web is a large knowledge hub. We, the team at Simplified Laws have started sharing knowledge of the Laws of Life for the benefit of common people. Today, after completing over two years, we have realized that our ...

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Highlights of Karnataka State Budget 2015 -16

Karnataka budget 2015-16

  Here are some of the important points of Karnataka Budget presented by CM Siddaramaiah on 13th March 2015.    1. Profession Tax – The exemption limit is increased from Rs.10,000 to Rs.15,000. (Note: Currently, the employees who are drawing salary between Rs.10,000 and Rs.15,000 are paying Rs.150 per month as ...

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Whether TDS has to be done on Interest paid to NBFC

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  Many Small and Medium Enterprises (SME) borrow money (unsecured loans) from Non-Banking Financial Companies (NBFC). Whether interest paid on such loan attracts TDS provisions is a question frequently asked by the accountants. Here is the answer.   As per Section 194A of the Income Tax Act, 1961 a business ...

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Consequences of non payment of Advance Tax

Can the taxes be paid from other’s account?

  What is Advance Tax? The income Tax payers have to estimate their income for the current year (for example – current year is starting from1st April 2014 and ending on 31st March 2015) and compute the applicable taxes on such income. The taxes so computed have to be paid ...

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