We will explore Section 206AB of the Income Tax Act. It ensures people file their income tax returns. This section outlines who must comply and the TDS rates they face. It targets those who haven’t filed their taxes and have over Rs. 50,000 in TDS and TCS. This affects their TDS rates. The Finance Bill, […]
We will explore TDS on salary under the Income Tax Act. This is key to understanding how it works. The Income Tax Act of 1961, Section 192, explains TDS on salary income. Employers must deduct TDS from employee salaries and send it to the tax department. The exemption limit is the threshold for TDS deduction.
We will give you a detailed look at Section 144b of the Income Tax Act. It aims to make the assessment process more transparent and accountable. The Central Government introduced the Faceless Assessment Scheme to improve efficiency and transparency in income tax assessments. This section lets taxpayers go to the Dispute Resolution Panel (DRP) if
We’re starting a detailed guide on section 50c of the Income Tax Act. It was added in 2002 to tackle property undervaluation and tax evasion in India. The Finance Act brought in Section 50C to stop big property value drops and get hidden money into taxes. It’s key to grasp the Income Tax Act section 50c.
We’re here to help you understand Section 41 of the Income Tax Act. This is key for tax recovery. We’ll look at how it affects all taxpayers, including individuals and companies. Our aim is to give a detailed guide. This will help you know and follow Section 41. It ensures you use tax deductions wisely
We will give you a quick look at section 37 of income tax act. It lets businesses deduct expenses used only for their business. Knowing about income tax act section 37 helps them cut down on taxes. The tax act section 37 is key for businesses to lower their taxable income. It’s important to know
We aim to simplify the income tax rules, focusing on section 194 IA. This section deals with the tax on selling property. If you’re buying property, knowing about the tax on property sales is key. You must deduct 1% tax on the sale price if it’s over Rs 50 lakhs. Key Takeaways TDS is applicable
We will give you a quick overview of Section 245 of the Income Tax Act. This is a key rule that lets the Income Tax Department use a refund to pay off any tax you owe. It’s very important for people and businesses in India to know about this. This rule, section 245, lets the
We will explore the importance of section 10(26) of the income tax act. It offers tax breaks to Scheduled Tribes in India. These exemptions are for those living in places like Tripura, Mizoram, and others. This section is key for those in northeastern states and Ladakh. It gives an overview of tax exemptions and where