Rules & Sections

section 24 of income tax act

Section 24 Of Income Tax Act – Deduction For Interest On Home Loan

Owning your own house is a dream that many Indians wish to fulfill. With property rates rising rapidly, it becomes difficult to buy a house without a home loan. It is quite hassle-free to a home loan from a banking...

section 234c of income tax act

Section 234C of Income Tax Act

The income tax department mandates payment of advance tax for taxpayers whose total tax payable exceeds Rs 10000 in a financial year. The income tax department makes it easier for a taxpayer to pay the tax due amount in four...

section 234b

Section 234B of Income Tax Act – Interest for Default in Advance Tax Payment

What is an advance tax? Advance tax refers to paying a part of your tax liability before the end of the relevant financial to the income tax department. Advance tax is also known as pay-as-you-earn tax. Every taxpayer needs to...

section 234a

Section 234A of Income Tax Act

The income tax act specifically provides for the due date of filing an income tax return for each taxpayer. A non-compliance with the rules and provisions of the income tax act leads to penalties and interests. It is always in...

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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 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 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...