Section 197 Certificate: Lower Deduction Certificate (LDC)

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…

Section 194Q TDS of the Income Tax: Applicability, TDS Rate, Due Date

Section 194Q TDS of the Income Tax: 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 goods. A…

TDS (Tax Deducted at Source): All You Need to Know

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…

Explanatory notes to the provisions of the Finance Act, 2022

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…

Guidelines for TDS on virtual digital assets (VDAs)

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…

Section 194R TDS of the Income Tax Act

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…

TDS on Salary for Financial Year 2021-2022

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…

Annual Information Statement (AIS)

Annual Information Statement (AIS) To help taxpayers get a comprehensive view of tax-related information, the income tax department has launched an Annual Information Statement (AIS) on its e-filing portal. It provides comprehensive information to taxpayers on their financial transactions. The…

Compliance Check Functionality for Section 206AB & 206CCA

Compliance Check Functionality for Section 206AB & 206CCA Finance Act, 2021 inserted two new sections 206AB and 206CCA in the Income-tax Act 1961 which takes effect from the 1st day of July 2021. These sections impose a higher TDS/TCS rate…

TDS on Salary for Financial Year 2020-2021

TDS on Salary for Financial Year 2020-2021 Central Board of Direct Taxation (CBDT) has released Circular No. 20/2020 dated 3rd December 2020, which explains provisions related to Tax Deduction at Source on Salary under Section 192 of Income Tax Act,…