He government gives Rs. Want to take a loan of Rs 50,000 to Rs 10 lakh? Learn full details
TDS rate has been cut by 25 percent for non-salaried payments. So payment for contract, professional fees, interest, rent, dividend, commission, brokerage, etc shall be eligible for this reduced rate of TDS. So if you have an FD or get a dividend or are a freelancer, you will have more money hitting your account. This reduction will be for the remaining part of the FY 2020-21, i.e. from today to March 31, 2021
Do keep in mind that the results obtained from a personal loan eligibility calculator in terms of eligible loan amount, tenure, etc. are indicative and lenders may require you to meet additional eligibility criteria to actually qualify for a personal loan.
Penalties are payable under the Indian Income Tax Act, 1961 in certain cases. There is Penalty for late filing of income tax return, penalty for late filing of TDS return, penalty for non-filing of return of income and also penalties payable for:Default in making the payment of taxes in full or in part. Maximum Penalty levied shall be equal to the amount of tax in arrears.In cases where income has been under reported – penalty may be to the extent of 50% of the income under reported and 200% if underreporting is wilful.For failure to maintain books of accounts the penalty is 25,000/-.For undisclosed income the penalty payable depends on the time and nature of disclosure of income. If income is admitted during a search and the tax is paid by the assesse then a penalty of 30% of the undisclosed income may be levied and in other cases penalty of 60% of the undisclosed income.Failure to get the accounts audited and furnish audit report can result in a heavy penalty of Rs.1,50,000/- or 0.5% of turnover whichever is lesser.Failure to deduct tax at source or failure to collect tax at source carries a penalty equal to the amount of tax that was to be deducted or collected. Furnishing incorrect statements will also cause a penalty that may be from 10,000 to 1,00,000.There are other penalties for taking payments in excess of prescribed amounts by ways other than bank transfer, bank draft or account payee cheque; for failure to furnish information when asked; for non-compliance with department notices, quoting wrong PAN or TAN, etc.
By way of TDS, TCS and advance taxes has to be deducted from the Tax amount calculated. The balance amount is either the Tax payable or tax refund receivable. All certificates of Tax deducted at source, tax collected at source and challans of advance tax paid have to be maintained securely. Once the tax liability is determined the prepaid sums of tax has to be deducted from the payable amount and the balance amount is either the amount left to be paid or they may be a refund due to you, which will be claimed at the time of filing of the Tax Return.
Default in making the payment of taxes in full or in part. Maximum Penalty levied shall be equal to the amount of tax in arrears.In cases where income has been under reported – penalty may be to the extent of 50% of the income under reported and 200% if underreporting is wilful.For failure to maintain books of accounts the penalty is 25,000/-.For undisclosed income the penalty payable depends on the time and nature of disclosure of income. If income is admitted during a search and the tax is paid by the assesse then a penalty of 30% of the to a currency loan.
4.How to apply for a currency loan?Gather information and choose the right ban
There is no set procedure for applying for a loan as per Mudra Yojana. For this, the applicant has to collect complete information about the loan process as well as interest rate in the nearby bank. In addition to applying for a loan, one has to submit an application form as well as certain documents.5..What documents are required for this loan?
undisclosed income may be levied and in other cases penalty of 60% of the undisclosed income.Failure to get the accounts audited and furnish audit report can result in a heavy penalty of Rs.1,50,000/- or 0.5% of turnover whichever is lesser.Failure to deduct tax at source or failure to collect tax at source carries a penalty equal to the amount of tax that was to be deducted or collected. Furnishing incorrect statements will also cause a penalty that may be from 10,000 to 1,00,000.There are other penalties for taking payments in excess of prescribed amounts by ways other than bank transfer, bank draft or account payee cheque; for failure to furnish information when asked; for non-compliance with department notices, quoting wrong PAN or TAN, etc.
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3 .Mudra Bank Loan Interest Rate
4.How to apply for a currency loan?
