Tax Articles

Section 43B of income tax act provides for deduction of a few statutory expenses in the year in which the expense is paid. This means an assessee can claim a few expenses on a payment basis and not on an...

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...

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...

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?...

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...

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...

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...

What is Section 195? Section 195 of the income tax act mandates deduction of tax at source before making payments to a non-resident. It provides for deduction of tax on payments such as interest or any other sum chargeable to...