The India and Oman Double Taxation Avoidance Agreement (DTAA) ensures that persons and businesses, resident in India, Oman, or both and having income from the contracting country do not pay tax twice. It allows the persons to claim credit for taxes paid in the contracting country, thus avoiding double taxation. In this article. We will learn about the DTAA between India and Oman and the applicability of tax rates as specified in the treaty. India-Oman DTAA UpdateThe DTAA between India and Oman was revised as Oman decided to levy personal income tax at the rate of 5% for persons earning more than OMR 42,000. This will be effective from January 2028. Further, the tax rate on royalties and technical fees was reduced to 10% from 15% with effect from 28th May 2025. What is the DTAA Between India and Oman?The DTAA between the Government of India and the Sultanate of Oman was signed on 2nd April 1997.

If you are looking for a job or have just changed, you should know what Form 13 is. When changing employment, you must transfer your accumulated PF contribution from your previous employer to your current one. For this, you would be required to fill out Form 13 either online or offline. So, in this article, we will develop our understanding of Form 13.What is Form 13?Form 13 is a form that needs to be filed by an employee either online or offline after changing jobs. On the change of employment, the employee will receive different Member ID’s of different organsation.

Obtaining a Tax Deduction and Collection Account Number (TAN) is mandatory for every person or entity responsible for deducting or collecting tax at source under the Income Tax Act. After submitting a TAN application online, applicants can easily track the TAN application status through multiple methods, including the acknowledgement number, customer care services, or SMS. Checking the status regularly helps ensure timely allotment of TAN and smooth compliance with TDS and TCS requirements.Methods to Check TAN Application StatusApplicants can check their TAN application status thorugh any of the following methods:Using Acknowledgement NumberCustomer Care NumberSMS Services1. Check TAN Application Status via Acknowledgement NumberFollow the below steps to check your TAN Application Status using Acknowledgement Number:Step 1: Visit the Protean eGov Portal.Step 2: You will find a drop-down menu against Application Type. Select “TAN - New/Change Request”Step 3: Select the option “Acknowledgement Number” and enter your Acknowledgement Number in the space providedStep 4:  Enter the displayed captcha code in the space provided and click “Submit”Step 5: Once you click on submit, your TAN Application Status will be displayed on the screen.2.

Professional tax is a kind of tax levied by the state government on salaried or self-employed individuals. As per Clause 2 of Article 276 of the Indian Constitution, it is applicable to all kinds of professions, employment, and traders in the particular state. Only 17 states impose a professional tax in India, and Karnataka is one of them. In this article we will learn about the professional tax in Karnataka, including its slab rates and related information.Professional Tax In KarnatakaProfessional tax in Karnataka depending on your gross income. Whether you are a salaried employee working in a private organization or are associated with a government entity, all individuals must pay professional tax in Karnataka.

The Budget 2025 introduced major changes to the existing Tax Deduction at Source (TDS) and Tax Collected at Source (TCS) provisions of the Income Tax Act, 1961. These amendments were introduced with the objective of simplifying tax compliance for businesses and individuals. These changes focus mainly on a higher threshold limit, removal of TCS on certain transactions and introduction of new provisions to streamline compliance and smoothen taxation processes. This article will cover all the major changes in TDS and TCS that one must know and help understand in an easy way.Enhanced Threshold Limits For TDSThe applicability of TDS or TCS is only attracted when the transaction is above the threshold limit. With effect from April 1, 2025, the threshold limits for a few sections have been increased from their previous limits. The previous and enhanced limits for TDS are given in the following table: SectionBefore 1st April 2025From 1st April 2025193 - Interest on SecuritiesNIL10,000194A - Interest other thanInterest on securities(i) 50,000/- for senior citizens;(ii) 40,000/- in case of others when the  payer is the bank, cooperative society and post office(iii) 5,000/- in other cases(i) 1,00,000/- for senior citizen(ii) 50,000/- in case of others when the payer is a bank, cooperative society and post office(iii) 10,000/- in other cases194 – Dividend, for an individual shareholder5,00010,000194K - Income in respect of units of a mutual fund5,00010,000194B - Winnings from lottery, crossword puzzle Etc.194BB - Winnings from horse raceAggregate of amounts exceeding 10,000/- during the financial year10,000/- in respect of a single transaction194D - Insurance commission15,00020,000194G - Income by way of commission, prize etc. on lottery tickets15,00020,000194H - Commission or brokerage15,00020,000194-I - Rent2,40,000 (in a financial year)50,000 per month or 6,00,000 lacs in the financial year.194J - Fee for professional or technical services30,00050,000194LA - Income by way of enhanced compensation2,50,0005,00,000Enhanced Threshold Limit For TCSThe threshold limit for TCS for remittance under Liberalised Remittance Scheme (LRS) and foreign tour packages has been increased to Rs. 10 Lakhs from the previous limit of Rs.

Any amount paid as rent or consideration towards a contract, exceeding the prescribed limit is subject to Tax Deduction at Source (TDS) as per the provisions of the Income Tax Act 1961. Both these are covered under different sections of the act and have different implications. The issue was whether the nature of amount paid to the Airport Authority of India (AAI) for the use of airports, by airlines for landing and parking facilities was in the form of rent or contract agreement. This resulted in confusion with regard to TDS applicability on such an amount. This article will discuss the nature of such a payment and the implications of TDS on it, based on the Supreme Court’s verdict.What Is Section 194I And 194C Of The Income Tax Act?Section 194I lays down provisions for TDS deduction on rent paid by assessees (other than Individuals and HUFs) and Individuals/HUFs who are subject to a tax audit, to deduct 10% of the amount if it exceeds Rs. 2,40,000 in a year (This limit has been increased to Rs.

Are you currently a member of a co-operative society, or are you interested in joining one? Whether you're already a part of one or considering becoming a member, it is essential to have a basic understanding of how co-operative societies are taxed. In this article, we will explore the taxation implications for co-operative societies.What is meant by a Co-operative Society?A cooperative is an autonomous association of persons who voluntarily cooperate for their mutual social, economic and cultural benefit.As per the Income Tax Act, 1961, a co-operative society is an entity registered under the Co-operative Societies Act, 1912, or any other law for the time being in force in any state for the registration of co-operative societies. What is the Tax Rate for Co-operative Societies?The tax rate for Co-operative societies is as follows:Tax Slab Tax RateUpto Rs. 10,00010%Rs. 10,001 to Rs. 20,00020%More than Rs.

General Provident Fund (GPF) is one of the most common tools for securing one’s future post-retirement. It's a mandatory retirement saving scheme for government employees. Therefore, keeping track of your balance in a GPF account becomes crucial for financial planning for the future and performing a regular GPF balance check ensures that your contributions are being correctly credited. To check GPF balance, there are various ways such as Mobile application, Online Portal of respective state, Get passbook updated from your state’s Office of Accountant General, and there are also Helpline numbers to file a complaint.What is a General Provident Fund?The General Provident Fund (GPF) is a mandatory savings and retirement scheme whose benefits are available only to government employees. Under the GPF, an employee contributes a fixed amount of their salary to a GPF, while the government also pays a fixed amount as a part of the compensation package.

General Provident Fund (GPF), provides financial assistance to government employees in India. The main objective of this fund is to offer a dependable source of income post-retirement. Although the returns are given upon maturity, government employees can withdraw funds from the GPF to meet educational expenses, housing needs, medical emergencies, and others.There are some specific GPF withdrawal rules that ensure well-managed funds while meeting employees' financial needs. Proper understanding of these withdrawal rules helps employees meet their future financial needs. Continue reading this blog to gain detailed insights about the latest GPF withdrawal rules before retirement and more.What Is GPF (General Provident Fund)?The General Provident Fund (GPF) is a beneficial investment scheme for government employees.

A large portion of the Indian population consists of salaried middle-class individuals who thirst for tax-saving and tax-planning strategies. Because they are concerned about their hard-earned money, they seek better tax-saving opportunities to reduce their tax burden. The deductions listed under Chapter VI-A are one such option availed by salaried-class individuals in India. Purpose of Availing Chapter VI Deductions The purpose of availing Chapter VI-A deductions is as follows:Encourage saving attitude in individuals by way of PPF, LIC and many more.Promotes retirement planning through NPS. Spread of education among the middle class with loans on education.Increases donations to charitable organisations. Health and well-being.Relief for senior citizens by way of medical insurance premiums and interest on deposits. Reduction in overall tax liability. An illustrative list of various deductions that can be availed by individuals belonging to  salaried classes are as mentioned below:Section Conditions to avail Maximum deduction80C Deductions for investments and expenses like life insurance premiums, Employees'  Provident Fund (EPF), Public Provident  Fund (PPF), National Savings Certificates  (NSC), repayment of housing loan principal,  and payment of tuition fees.Rs. 1,50,00080CCC Deductions for contributions to pension funds offered by public or private sector insurers.Rs. 1,50,00080CCD Additional deductions for contributions to the  National Pension System (NPS).Rs.