Any person purchasing an immovable property (other than an agricultural land) of Rs. 50 lacs or more is required to deduct TDS @1% from payment made to the seller. (Section 194IA* of the Income Tax Act). No deduction of tax is required under this Act, where the consideration for transfer of the property is less …
Income tax slabs refer to the different tax rates imposed on various income brackets by the government. Here we discuss with you the tax rates applicable for the financial year 2023-24 (Assessment year 2024-25) under the new and old tax regimes. While the Government has introduced new tax slabs for the new tax regime in …
Employee Provident Fund (EPF) is a crucial aspect of financial planning for every working individual. In the case of private limited company employees who have their Provident Fund (PF) managed by a PF trust, there may arise situations where they wish to transfer their PF from the trust to the Employees’ Provident Fund Organization (EPFO). …
Streamlining PF Transfer : How to Transfer PF from a Trust to EPFO Read More »
When a new company is incorporated on the MCA portal, they get registered under the EPF and ESI Act by default irrespective of the applicability of such laws. The automatic registration of new companies under these acts is indeed meant to ensure that employees are covered by these social security schemes, which provide benefits such as provident fund, pension, and medical insurance. However, it can also lead to challenges, when a company is not actually eligible or required to comply with these laws.
