The Income Tax Act, 1961, mandates that every taxpayer must link their PAN (Permanent Account Number) with Aadhaar to ensure compliance. Failure to link Aadhaar with PAN leads to an inoperative PAN, triggering higher Tax Deducted at Source (TDS) under Section 206AA. From 1st July 2023, as per CBDT notification, if a PAN is not […]
Tag: Tax compliance
How to Implement NPS in Your Company Payroll: A Guide for HR Professionals
The National Pension System (NPS) is an excellent way for employees to save additional tax while planning for their future financial security. By contributing to the NPS, employees can benefit from tax savings and build a robust retirement corpus. This guide aims to help HR professionals understand the process of integrating NPS into the company […]
New Rules for Rent-Free Accommodation (RFA) Perk by Employers: What’s Changed
Understanding the Recent CBDT Amendment The landscape of taxation is evolving, and the Indian government’s ongoing efforts to modernize and streamline tax regulations are a testament to this fact. In a recent development, the Central Board of Direct Taxes (CBDT), a key arm of the Ministry of Finance, has introduced updated rules pertaining to the […]