Section 194IB
While renting a property can involve too many hassles like dealing with brokers, rental agreements, rent arrears, and whatnot. Now out of all these things to take care of there is one such compliance is TDS under section 194IB. Now...
Section 80TTB
What is Section 80TTB of Income Tax Act, 1961? Section 80TTB of the Income Tax Act, 1961 allows a resident senior citizen to claim a deduction against interest on the deposit. Section 80TTB is popular for claiming deduction against interest...
Section 194C
Who is Responsible for Tax Deduction Under Section 194C? As per section 194C of the Income Tax Act, 1961 if any person pays an amount to any resident contractor in pursuance of a contract between the contractor and a specified...
Income Tax Relief Under Section 89 Of Income Tax Act, 1961
What is Income Tax Relief Under Section 89 of Income Tax Act, 1961? For the purpose of the Income Tax Act, income tax is levied on the total income earned or received during the previous year by the assessee. There...
TDS on Rent Under Section 194I of Income Tax Act
TDS on rent as per section 194I of the Income Tax Act, 1961 is applicable on rental income which the tenant pays to the owner. The tenant while paying the rent needs to deduct TDS on rent at the applicable...
Direct Tax and Indirect Tax in India
What is a Direct Tax? In India, taxes are levied by the Government through Direct & Indirect Taxes. Both are extremely important in the growth of the Indian economy. Direct taxes, in simple terms, is the tax that is levied...
How to Calculate Tax on Income From House Property?
Income from House Property Under Section 24 House property for the purpose of income tax is any property whether land or building which an assessee owns during the financial year. The house property could be a house, building, flat, office,...
How to Compute Tax on Income From Other Sources in India?
Income from other sources is one of the heads for the classification of income as per the income tax. It can be considered as a residuary head of income that covers all the incomes which are outside the scope of...