New income tax rule on receipt of maturity benefits from insurance policy w.e.f 1st September 2019

New income tax rule on receipt of maturity benefits from insurance policy w.e.f 1st September 2019

From September 1 this year, the government introduced a new set of income tax rules that included higher TDS or tax deducted on source on life insurance in specific cases. Other changes included TDS on cash withdrawals exceeding ₹1 crore in aggregate in a year from finance institutions. In case of property transactions the definition…

Now TDS/TCS for GST also, provisions to come into effect from October 1

Now TDS/TCS for GST also, provisions to come into effect from October 1

The government has notified October 1 as the date for implementing the tax deducted at source (TDS) and tax collected at source (TCS) provisions under GST law. As per the Central GST (CGST) Act, the notified entities are required to collect TDS at 1 per cent on payments to goods or services suppliers in excess…