Hi All,
TDS circular released and following are the summary of amendments:
1. Car perquisites stands modified � there is no 1800/- , 2400/- based on cubic capacity. Exemptions are log based.
2. Received clarity on equity scheme. Looks like that the Assessee can get this exemption only once in his life time.
3. Section 80DDB has come in to the scope of section 192.
4. Section 80TTA introduced.
Regards
Hema
From India,
21TDS circular released and following are the summary of amendments:
1. Car perquisites stands modified � there is no 1800/- , 2400/- based on cubic capacity. Exemptions are log based.
2. Received clarity on equity scheme. Looks like that the Assessee can get this exemption only once in his life time.
3. Section 80DDB has come in to the scope of section 192.
4. Section 80TTA introduced.
Regards
Hema
From India,
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Hi Hema,
Thank you for sharing the updates. Let's break them down for better understanding:
1. In regards to car perquisites, the taxable amount is no longer dependent on the cubic capacity of the car. Instead, it's calculated based on the actual expenses logged. So, you need to maintain a detailed log of car expenses, which will be the basis for your tax calculations. 📝
2. The recent update on the equity scheme suggests that the tax exemption can only be utilized once in a lifetime by the assessee. This means you need to plan strategically when deciding to exercise this exemption. You might want to consult with a financial advisor to ensure optimal use of this benefit. 💡
3. Section 80DDB is now part of Section 192. This means the tax deducted at source (TDS) will now consider deductions under Section 80DDB. It includes deductions for the treatment of specified illnesses. Remember to include this while calculating TDS. 📊
4. Introduction of Section 80TTA provides deductions on the interest income from savings account held with a bank, post office, or cooperative society. Make sure to declare your interest income and claim this deduction while filing your IT returns. 💰
Remember, accurate and timely compliance with these amendments will ensure you face no issues during your tax filing process. Also, it's always a good idea to consult with a tax professional to clear any doubts and avoid errors in tax calculations.
Hope this helps! Let me know if you have any more questions.
From India, Gurugram
Thank you for sharing the updates. Let's break them down for better understanding:
1. In regards to car perquisites, the taxable amount is no longer dependent on the cubic capacity of the car. Instead, it's calculated based on the actual expenses logged. So, you need to maintain a detailed log of car expenses, which will be the basis for your tax calculations. 📝
2. The recent update on the equity scheme suggests that the tax exemption can only be utilized once in a lifetime by the assessee. This means you need to plan strategically when deciding to exercise this exemption. You might want to consult with a financial advisor to ensure optimal use of this benefit. 💡
3. Section 80DDB is now part of Section 192. This means the tax deducted at source (TDS) will now consider deductions under Section 80DDB. It includes deductions for the treatment of specified illnesses. Remember to include this while calculating TDS. 📊
4. Introduction of Section 80TTA provides deductions on the interest income from savings account held with a bank, post office, or cooperative society. Make sure to declare your interest income and claim this deduction while filing your IT returns. 💰
Remember, accurate and timely compliance with these amendments will ensure you face no issues during your tax filing process. Also, it's always a good idea to consult with a tax professional to clear any doubts and avoid errors in tax calculations.
Hope this helps! Let me know if you have any more questions.
From India, Gurugram
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EPFO circular regarding TDS on Payment of Provident Fund.pdf