Overview For the purpose of paying TDS (Tax Deducted at Source) on the sale of real estate, Form 26QB is a tax-related form. It is generally utilized to record and pay the TDS amount to the government for property transactions with a consideration amount being more than 50 lakhs and is applicable under Section 194IA of … Read more
Introduction Section 194P aims to simplify the deduction of the tax compliance process for senior citizens who are 75 years or above of age and have income from a pension. What is Section 194P? Section 194P is a provision in the Income Tax Act that allows ‘specified banks will compute the total income of … Read more
Introduction Section 194LC of the Income Tax Act, 1961 is a provision that was introduced by the Finance Act, 2012. Its purpose is to promote foreign investment in India by providing favorable tax treatment on interest income earned by non-resident investors on their investments in Indian companies. In this article, we will explore the eligibility … Read more
Introduction The taxpayer can claim the TDS credit while filing the income tax return. However, if the taxpayer fails to deduct the TDS or deducts but does not deposit it with the government, interest is levied on the amount of TDS that was not deducted or deposited. In this article, we will discuss everything you … Read more
Introduction Section 194LBC provides for the Tax Deducted at Source (TDS) concerning investment in the securitization trust. The article tends to provide a holistic approach and the applicable TDS rate for this provision as per the Income Tax Act, 1961. What is Section 194LBC of the Income Tax Act, 1961? Any person required … Read more
Introduction The TDS/TCS return, which is the statement of tax deducted or collected at source, must be submitted within the deadlines specified. In case of failure to do so, a penalty is imposed under Section 271H, and the Assessing Officer may order to pay a fine in accordance with 271H. Penalty for Failure under … Read more
Introduction Section194LA of the Income Tax Act,1961 is a provision that deals with the deduction of tax at source (TDS) on payment of compensation for the acquisition of particular immovable property. The section aims to ensure that taxes are collected at the source on any compensation paid for the acquisition of immovable property, which is … Read more
Introduction Section 194IC of the Income Tax Act, of 1961 talks about the deduction of tax from payments under the Joint Development Agreement. What is Section 194IC of the Income Tax Act, 1961? Any person who pays to a Resident any amount by way of consideration (but not consideration in kind) under a Joint Development … Read more
Introduction to Section 194G of Income Tax Act, 1961 Section 194G of the Income Tax Act, 1961 deals with the provisions for deduction of tax at source (TDS) on commission, remuneration, or prize by whatever name is called, paid on lottery tickets. Further, it specifies the liability of the person responsible for paying such income … Read more
This article lists the applicable rates for TDS for the Financial Year 2023-2024. INTRODUCTION: Tax Deducted at Source (TDS) is a system of tax collection that is used in India. Under this system, a person or entity who is making a payment to someone else is required to deduct a certain amount of tax at … Read more