Tax Articles

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...

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...

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...

An insurance policy is bought very often by individuals in India. An insurance policy could be a health policy, a term insurance policy, or a life insurance policy. You can buy your insurance policy through an individual agent, corporate agent,...

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...

What is Section 194A of Income Tax Act, 1961? According to section 194A of income tax act, every assessee is liable to deduct tax at source on interest other than interest on securities. Here, every assessee includes taxpayers who are...

Standard Deduction u/s Section 16 of Income Tax Act, 1961 Section 16 of Income Tax Act, 1961 provides deduction from income chargeable to tax under the head ‘salaries’. It provides deductions for the standard deduction, entertainment allowance, and professional tax....

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...