What is statutory provident fund?

Statutory Provident Fund – This scheme is set up under the Provident Funds Act, 1925. It is meant for government employees, universities, recognised educational Institutions, railways, etc. The commissioner of income tax must approve the scheme to receive the status of the recognised provident fund.

What is Section 10 12 of income tax?

maintains the Statutory Provident Fund. Provisions of section 10(12) exempt the accumulated balance, due and payable, to the employee participating in the Recognized Provident Fund. The exemption is available to the extent covered in Rule 8 of Part A of the Fourth Schedule.

What is Section 10 11 of income tax?

Section 10(11) of the income tax act—payment of statutory provident fund. Any sum is received of the statutory provident fund relating to the contribution, amount and interest on his termination from the company or firm will be exempted.

What is TDS 192A?

Section 192A of the Income Tax Act, 1961 essentially is concerned with the Tax Deducted at Source or TDS on the withdrawals of the provident fund. This is a new section recently in the existing Income Tax Act recently by the government of India as per the recommendations made in the Finance Act 2015.

Is EPF and RPF same?

The Types of provident funds are: Recognized Provident Fund (RPF) as recognized by Commissioner of Income Tax (CIT) under EPF and Miscellaneous Provision Act, 1952. It applies to enterprises employing at least 20 employees. Employer’s Contribution: It is exempted up to 12% of Salary.

What are the four kinds of provident funds?

Employees’ provident fund is classified into 4 categories: Statutory Provident Fund, Recognized Provident Fund, Unrecognized Provident Fund and Public Provident Fund.

What is Section 10 13 A?

House rent allowance (HRA) is received by the salaried class. A deduction is permissible under Section 10(13A) of the Income Tax Act, in accordance with Rule 2A of the Income Tax Rules. You can claim exemption on your HRA under the Income Tax Act if you stay in a rented house and get a HRA from your employer.

What is Section 10 10 of income tax?

Gratuity is a benefit given by the employer to employees. A recently approved amendment by the Centre has increased the maximum limit of gratuity. Now it is tax exempt up to Rs 20 lakh from the previous ceiling of Rs 10 lakh, which comes Section 10(10) of the Income Tax Act. The CBDT Notification no.

What is Sec 10 10A )- commuted value of pension received?

Section 10(10A) in The Income- Tax Act, 1995. (b) in any other case, the commuted value of one- half of such pension, such commuted value being determined having regard to the age of the recipient, the state of his health, the rate of interest and officially recognised tables of mortality; 2.

What is 192b TDS?

Under Section 192, TDS is deducted at the time of actual payment of salary and not during the accrual of salary. Tax will also be deducted if your employer pays salary in advance to you or you receive arrears from him. In case your estimated salary is not more than the basic exemption limit, TDS will not be deducted.

Where is taxspanner based?

Established in 2007, TaxSpanner is based out of New Delhi and Bangalore. Since then, it has grown to build the largest customer base in this market segment. TaxSpanner has been registered with the Income Tax department of the Government of India as an e-return intermediary.

Is my tax data secure with taxspanner?

It certifies that your tax data is completely secure from any vulnerabilities. Moreover, TaxSpanner is a registered E-Return Intermediary (ERI:L99900000311) with the Income Tax Department. We have been appreciated for being the single largest tax e-filing company in India.

Where can I find more information about sales tax and SPV?

State sales tax is regulated and enforced by the Texas Comptroller of Public Accounts, which can provide more information about tax rates and vehicle appraisals. For more information about SPV, you may contact the Comptroller of Public Accounts at (800) 252-1382 or you can visit the Comptroller’s Web site.

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