Income Tax

TDS on cash withdrawal

TDS on Cash Withdrawal (Section 194N) (Expert Guide)

The Union Budget, 2020 amended Section 194N related to TDS on cash withdrawal from savings/current bank account. As per this amended Section, if an assessee has not filed Income Tax Return (ITR) for the last three financial years, then cash withdrawal from his/her savings or current bank account will attract TDS if the total amount withdrawn in a financial year exceeds Rs 20 lakh / Rs. 1 crore

Difference between Sensex & Nifty

Difference between Sensex and Nifty

“Sensex” and “Nifty” are the words related to stock market. But what do these words actually mean? Both Sensex and Nifty are the market indexes/indices that represent the market. They are the touchstones for any country’s stock market, for the outgrowth in the industry as well as for the individual investor’s portfolio.

Rules related to EPF Withdrawal

Know all the Rules related to EPF Withdrawal

Employees Provident Fund or EPF is savings cum retirement scheme for the salaried individuals. Under this scheme, contribution is made both by the employer and the employee. The amount contributed in EPF scheme is 12% of the salary (basic + dearness allowance). The amount invested over the years, along with specified interest, is paid out to an employee on his/her retirement.

Deductions under Section 80C & its allied sections

Deduction under Section 80C & its allied sections

Section 80C and its allied sections allow a maximum deduction of up to Rs. 1.5 lacs every year from the taxpayer’s total income and an additional deduction amount of Rs. 50,000 can be claimed under Section 80CCD(1b).