TDS on Rent - New Section 194IB of Income Tax Act

As part of budget 2017, there was a announcement about TDS on rent which remain relatively unnoticed by lot of people. Please note that TDS on rent is only applicable for people showing more than Rs 50000 per month as rent for saving tax. Lately there has been lot of cases where either people submit fake rent receipts to save tax and this act is supposed to stop these practices.

Here are the relevant portion from the budget:

It is proposed to introduce a new provision in the Income-tax Act to provide for tax deduction at source at the rate of five per cent by an individual or HUF, other than those whose books of account are required to be audited, while making payment of rent of an amount exceeding Rs. 50000 per month. It is also proposed to provide that such tax shall be deducted and deposited only once in a financial year through a challan-cum-statement. Further, the deductor shall not be required to obtain TAN or file any separate TDS return for this purpose.

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Income Tax Penalty - New Section 270(a) of Income Tax Act

Starting April 1, 2017, Income tax penalty for under reporting and misreporting of the income will be handled by section 270(A) of the Income tax act. This section is newly added amendment of the income tax act. Please note that this is only valid for returns for years AY 2017-18 and after that.

Before April 1, 2017, income tax penalty for under reporting was handled by section 271 of income tax. This section will no more apply for this calculating penalty of under-reporting and misreporting of income.

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Rectification Rights Transferred to AST - Meaning and Follow Up

Sometimes for filing for income tax return rectification, when we check our return status, it says - 'Rectification Rights Transferred to AST'. What does that mean and do we need to do any followup in such a case?

Income tax rectification needs to be filed when you have made a mistake while filing your return and wants to fix it now.

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SBI Home Loan Interest Rate and Eligibility in Simple Language!

SBI (State Bank of India) is the biggest bank in India. It is owned by Indian Government and has its headquarter in Mumbai. SBI bank has a huge network of branches all across India. In this article, we cover the SBI home loan interest rates as well as eligibility criterion for getting home loan from SBI bank.

SBI Home Loan Interest Rate Current

SBI 1 year MCLR: 8%

| SBI Loan Interest ...

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HDFC Home Loan Login & Check Status & Statement in 2 Easy Steps

HDFC Home loan is one of the most popular and major home loan provider in india alongwith sbi home loan. One can login to their hdfc home loan account online to check their home loan status, transaction history, hdfc home loan interest and certicate of interest.

HDFC Bank (Housing Development Finance Corporation) is one of the premier private sector bank in India. It is headquartered in Mumbai and has seen tremendeous growth since starting in 1994. By end of 2016, HDFC Bank has around 4500 branches across India. Due to its reach and popularity, hdfc home loan is one of the most popular home loan schemes in india

This articles guides you on hdfc home loan login and various features available to you after hdfc home loan login.

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HDFC Home Loan Interest Rate and Eligibility in Simple Language!

HDFC (Housing Development Finance Corporation) is one of the premier home loan provider in India. Due to its reach and popularity, HDFC home loan remains one of the best home loan provider in private space. Typically the interest rates of public banks like state bank of India home loans is lesser than HDFC home loans, but they have much more cumbersome process and only cater to limited variety of homes. Due to this home loan provided by HDFC is very high in demand and their interest rates are very competitive.

2017 is one of the better years for taking home loan due to lower interest rates as a side effect of demonitisation.

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BharatQR Code Payments Charges and Fee (Can it beat Paytm?)

Many of you would have already heard about the next digital payment initiative by Indian Government called BharatQR codes. BharatQR code is an QR scheme similar to PayTM QR codes which a merchant can print and put it on his/her shop and customers can pay by scanning the QR code using his/her mobile easily.

In India, QR code based payments have already proved successful due to excessive marketing of PayTM. BharatQR codes seems to be building on top of that and has a good chance for taking over the pole position from PayTM.
BharatQR supports quick and easy digital payment using Visa, Mastercard, Rupay Card and American Express. That basically includes every debit and credit card in India and hence is not tied to a specific bank or organization. Moreover due to government push, every bank mobile app will soon have an option to pay using BharatQR.

But as everybody knows, India is a price sensitive country and real success of BharatQR will depend not just on technology or its reach, but also on the charges and fee charged for BharatQR code based payments. And will they be competitive of Paytm or not?

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BharatQR code with HDFC Bank Mobile App - PayZapp

BharatQR is the new QR code based payment method launched by Indian Government in collaboration with Visa and MasterCard. Using BharatQR code based payments, the merchants don't need to install a costly POS(Point of sale) machine in their shop. They need to just display BharatQR code (they can take the printout in Rs 2 at any printer or xerox shop).

HDFC Bank is India's largest private bank with a huge network of branches all across India. HDFC is a strong partner in Indian govt scheme to support simpler and efficient digital payment. Along with ICICI bank BharatQR app, HDFC Bank is one of the first 2 banks ready with support for BharatQR code based payments from day one of launch.

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BharatQR code with ICICI Bank Mobile App

Indian Govt has launched BharatQR code based payment solution for merchant/retail outlets on Feb 20, 2017. This scheme has been launched by NPCI in collaboration with Visa, MasterCard, RupayCard and American express to allow customers to pay easily through their debit/credit card without the need of any POS (point of sale) machine.

ICICI bank is one of main supporters of BharatQR code scheme and has already started supporting BharatQR in its mobile apps.

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EPF Composite Claim Form (CCF form) Aadhaar and Non-Aadhaar for Withdrawal claim

EPFO (Employee Provident Fund Organization) has been working on simplifying the process of withdrawal from EPF (Employee Provident Fund) and EPS (Employee Pension Scheme). Earlier it has issued a new version of Form 19 & Form 10C for withdrawal and new version of Form 31 for Advance from member EPF account. But this process is now simplified even further with the introduction of new single page CCF forms.

CCF full form is Composite Claim Form and it is new simplified single page form for PF fund withdrawal or advance from EPF account. CCF Form comes under active circulation from Feb 20, 2017.

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