Form 26QB – Income Tax Act, 1961

Form 26QB

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

Section 194P of the Income Tax Act, 1961

Section 194P of the Income Tax Act, 1961

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

Section 194LC of the Income Tax Act, 1961

Section 194LC of the Income Tax Act, 1961

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

Interest on Late Payment of TDS

Interest on late payment of TDS

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

Section 194LBC of Income Tax Act, 1961

Section 194LBC of income tax

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

Understanding TDS on Lottery Winnings: Provisions of Section 194G

Section 194G of the Income Tax Act, 1961

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

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