Rules & Sections

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Section 194IA of Income Tax Act

What is Section 194IA? Section 194IA provides for deduction of TDS on purchase of immovable property at the time of the transaction. Until the introduction of section 194IA, the Income Tax Act, 1961 provided for TDS on sale of immovable...

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Section 194H – TDS on Commission

Section 194H is applicable on payment made against payment of commission or brokerage to another taxpayer. A default in deduction and/or payment of TDS to the credit of the Central Government attracts interest, penalty, and prosecution. Hence, you must know...

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Section 80U

Section 80U of the Income Tax Act, 1961, provides a tax deduction to an individual taxpayer who is himself/ herself suffering from a disability. However, the taxpayer must obtain a certificate as prescribed in the Income Tax Act, 1961. In...

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Section 80DDB

Section 80DDB of the Income Tax Act, 1961 has gained its popularity in recent years. You can claim a tax deduction against the expenses made for the medical treatment of self and dependents suffering from specified diseases. What is Deduction...

section 80g of income tax

Section 80G of Income Tax Act

What is Section 80G? The Income Tax Act allows deduction while calculating the total taxable income to every assessee. One such deduction is allowed under section 80G of Income Tax Act, 1961 for donations made to a charitable organization or...

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section 112a income tax

Section 112A of Income Tax Act for LTCG

What is Section 112A? Section 112A provides for long term capital gains on the sale of listed equity shares, equity-oriented mutual funds, and the units of a business trust. The said section was introduced in Budget 2018 after the removal...

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Section 194C

What is Section 194C of Income Tax Act? 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 person...

section 80tta of income tax act

Section 80TTA Deduction for AY 2023-24

What is Section 80TTA of Income Tax Act? Section 80TTA of the Income Tax Act provides a deduction for interest income. The deduction is available with a few limitations and restrictions. In this article, we have covered all about claiming...