Rules & Sections

Learn about form 10ie, applicability and form filling process

Form 10 IE: What is Form 10 IE Income Tax? 

Form 10IE is filed to choose the new tax regime under the Income Tax Act.  The Union Budget 2020 introduced a new tax regime that offers a lower income tax rate without the old tax regime’s deductions. Taxpayers can choose...

What is form 12ba

Form 12BA 

Form 12BA applies to perquisites that an employee receives as a benefit or reimbursement for benefits. These benefits are over and above the Employee's salary. Form 12BA income tax applies to such additional benefits, perks or fringe benefits. Form 12BA...

194q of income tax act & tds under section 194q

Section 194Q of the Income Tax Act

Section 194Q of the Income Tax Act pertains to transactions with a high volume falling under the ambit of Tax Deduction at Source (TDS). For this 194Q TDS, there is a threshold limit on the purchase value. If any payment...

Learn about form 10BB and their applicability

Form 10BB of Income Tax Act

Form 10BB is used by educational institutions, hospitals, medical institutions, and charitable trusts, formed as per the not-for-profit framework or philanthropic/ charitable intentions. Form 10BB of the Income Tax Act can help such institutions stay legal and avail of Section...

gst interest rate for late payment

GST Late Fees: Interest on late payment of GST

Knowing about GST late fees is as crucial as learning about GST registration, types and compliance rules. Just like any tax, the Goods and Services Tax (GST) returns also have to be filed on or before a prescribed date. However,...

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40a(3) of income tax act

Section 40A(3) of Income Tax Act

If you have made a payment of more than ₹10,000, to a person in a single day, you need to understand the Section 40A(3) of Income Tax Act. This act would apply for a single payment or multiple payments made,...

206c section of income tax act

Section 206C of Income Tax Act

A seller of goods and services might be aware of Tax Collection at Source (TCS). If so, they might also be aware of 206C.  Section 206C of the Income Tax Act can help an individual understand everything about TCS. As...

206cl of income tax act

Section 206CL of Income Tax Act

Have you sold goods worth more than ₹50 lacs during the current financial year? Then, you need to consider Tax Collection at Source (TCS) as you receive payment from the buyer under Section 206CL of the Income Tax Act.  Sec...