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: 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: 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 Income Tax
TDS (Tax Deducted at Source): All You Need to Know TDS serves as a method for directly collecting taxes from individuals' money. When someone makes a payment to you, they must withhold a certain amount of Tax and then remit…
Post by: poonamgandhi in Income Tax
Explanatory notes to the provisions of the Finance Act, 2022 Central Board of Direct Taxes recently vides circular no. 23/2022 dated 3rd November 2022, came up with detailed explanatory notes to the provisions of the Finance Act, 2022. The important…
Post by: Renu Suresh in Income Tax
Guidelines for TDS on Virtual Digital Assets (VDAs) Central Board of Direct Taxes (CBDT) issued detailed guidelines for removing difficulties for deduction of tax (TDS) on virtual digital assets (VDAs) as per the provision of section 194S of the Income-tax…
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: Renu Suresh in Income Tax
TDS on Salary for Financial Year 2021-2022 Central Board of Direct Taxation (CBDT) has released Circular No. 04/2022 dated 15th March 2022, which explains provisions related to Tax Deduction at Source on Salary under Section 192 of Income Tax Act, 1961…