Post by: Dinesh Pandiyan in TDS
Section 194JB of Income Tax Act: Definition, Applicability, & TDS rates The Section 194J (i.e. Fees for Professional or Technical Services) is divided into two sub-sections, 194J(a) and 194J(b), effective from August 7 2020. Section 194JB of Income Tax Act…
Post by: Renu Suresh in TDS
Section 194IA - TDS on Sale of Property Tax Deducted at Source (TDS) is applicable on the sale of immovable properties, such as land and buildings, under Section 194IA. When purchasing such property, the buyer is required to deduct the…
Post by: Dinesh Pandiyan in TDS
TDS on FD Interest: How Much TDS is Deducted on Fixed Deposit? “TDS on FD interest is currently 10% if your annual interest income from fixed deposits exceeds Rs. 40,000 (Rs. 50,000 for senior citizens). However, this rate jumps to…
Post by: Dinesh Pandiyan in TDS
What is the Difference between Form 16 and 16A? "The main difference between Form 16 and Form 16A is that Form 16 is proof of TDS deduction of 'salary income', while Form 16A is proof of TDS deduction of 'income…
Post by: Renu Suresh in TDS
Penalty for Late Filing of TDS Return Tax Deducted at Source (TDS) is a crucial mechanism in India's taxation framework that helps collect income tax directly from the source of income. This method is applied to various income types, including…
Post by: Dinesh Pandiyan in TDS
Section 197 Certificate: Lower Deduction Certificate (LDC) The Section 197 Certificate, often called the Lower Deduction Certificate (LDC), is a significant provision under the Income Tax Act. It enables taxpayers to benefit from a Nil or reduced Rate of Tax…
Post by: Dinesh Pandiyan in TDS
Section 194Q TDS of the Income Tax Act: Applicability, TDS Rate, Due Date The Central Board of Direct Taxes (CBDT) introduced Section 194Q of the Income Tax Act, which is related to TDS (Tax Deduction at Source), specifically on purchasing…
Post by: Renu Suresh in TDS
Section 194R TDS of the Income Tax Act Section 194R, introduced in the Union Budget of 2022, is a significant addition to the Income Tax Act 1961. This section deals with Tax Deducted at Source (TDS) on benefits and perquisites…
Post by: IndiaFilings in TDS
TDS on Salary under Section 192 - Rates, Forms, & Calculation TDS (Tax Deduction at Source) on Salary is the amount deducted from an employee's income at the source by an authorized deductor and deposited to the Income tax department.…