TDS on Interests

Section 194A: TDS on Interest Section 194A is a provision of the Income Tax Act which deals with TDS for interests on loans, advances and fixed deposits. To collect taxes in a time-saving and cost-effective manner, the Government of India…

Section 194BB – Winning from Horse Race

Section 194BB - Income Tax Section 194BB is a provision in the Income Tax legislation which provides a deduction on any income generated from winning a horse race. In a horse race, the winner of the race, i.e. the jockeys,…

E-Payment of TDS

E-Payment of TDS The deductor of tax at source is responsible to remit the necessary TDS payments to the Government, on or before the due date, which should be reckoned as per the provisions of the Income Tax Act. This…

Form 16B – TDS Certificate for Sale of Property

Form 16B - TDS Certificate for Sale of Property Form 16B is a TDS Certificate which certifies the amount of tax deducted at source on a property purchase has been deposited by the buyer with the Income Tax department. Hence,…

TDS on Insurance Commission

TDS on Insurance Commission The purpose of the present article is to provide an overview of Section 194D. The section deals with TDS on insurance commission. Person Responsible for Deducting Tax Deduction of tax must be performed by a person…

Section 194H of the Income Tax Act: TDS on Commission & Brokerage

Section 194H of the Income Tax Act: TDS on Commission & Brokerage Section 194H of the Income Tax Act in India mandates the deduction of Tax at Source (TDS) on commission or brokerage payments made to a resident individual. As…

TDS on Contractor Payment

TDS on Contractor Payment This article is an overview of Section 194C, which deals with TDS on payment of works made to a contractor or sub-contractor. Definition of Contractor Provisions of Section 194C relating to TDS on payment to contractors/sub-contractors…

Section 194J TDS of the Income Tax Act

Section 194J TDS of the Income Tax Act Section 194J of the Income Tax Act 1961 is a crucial provision that governs Tax Deducted at Source (TDS) on fees for professional and technical services in India. This section plays a…

TDS on Bank Deposit and Interest

TDS on Bank Deposit and Interest Interest income earned from bank deposits and other types of securities are taxable under the Income Tax Act. Hence, banks or financial institutions paying interest are required to deduct TDS at the rate of…