Rules & Sections

section 80c

Income Tax Deduction Under Section 80C AY 2022-23

What is Section 80C? Section 80C of the Income Tax Act gives a privilege of tax deduction up to Rs1.5 lakhs to individuals and HUF. The tax deductions provide a means for individuals to reduce their gross total income and...

section 148

Section 148 Income Tax Act

The income tax department has the power to reassess or re-compute an individual’s previously filed income tax returns. The Assessing Officer (AO) has the power to pick your ITR for reassessment subject to fulfilment of prescribed conditions. The AO will...

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Section 206CC

Similar to TDS, many transactions require Tax Collected at Source (TCS) at the prescribed rate against the type of goods sold. The Income Tax Department mandates every taxpayer to furnish their PAN to the collector of TCS. This is simply...

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Section 206CCA of Income Tax Act

The Finance Bill 2021 introduced section 206CCA for a higher deduction of tax collected at source TCS. Similar to higher deduction of TDS, the Income Tax Department introduced section 206CCA for a higher deduction of TCS. What is Section 206CCA?...

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Section 206AB of Income Tax Act

The Finance Bill 2021 introduced section 206AB for a higher deduction of TDS. Before the Finance Bill, 2021 a higher deduction of TDS was covered in section 206AA for not furnishing PAN to the deductor of TDS. With the introduction...

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Section 206AA of Income Tax Act

Many transactions or payments made between two taxpayers involve the deduction of tax deducted at source TDS at the prescribed rate under different sections. Each relevant section involving TDS rates also prescribes the threshold limit and conditions. The most crucial...

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Section 80DD

Section 80DD of the Income Tax Act, 1961 provides for a tax deduction to an assessee or a taxpayer. Such a tax deduction is against any sum incurred by the taxpayer for the medical treatment of a person suffering from...

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Section 194N

Section 194N of the Income Tax Act, 1961 is applicable on cash withdrawals from an account maintained with a bank or post office of India. The CBDT introduced section 194N through the Finance Bill 2019. The intent is to discourage...