India 2018 Budget Impact on Tax

Tax

Finance Minister Mr. Arun Jaitley tabled the financial plan in Parliament. The senior citizen’s expense will descend by nearly Rs 15,450 because of the tax exemption for up to Rs 50,000 interest earned from bank deposits and Post Office schemes. Budget Impact on Tax In any case, senior citizen taxpayers are separated from everyone else in this celebration. Most other citizens, particularly high-income workers and investors in stocks and mutual funds, have been woefully disappointed by the tax proposition in the Budget. The Budget 2018 has increased the cess on…

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Section 195 of Indian Income Tax Act

Section 195 is related to the deduction of TDS on any payment made to non-resident. As per this section, if any person is responsible for any payment to any non-resident (not being a company) or to a foreign company by way of interest or any other sum chargeable under the provisions of income tax excluding salary, he is liable to deduct TDS at the rates in force. Section 195 of Indian Income Tax Act However, in case of interest payable by the government or public sector bank or a public…

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