Tax Articles

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...

Applicability of Section 194J of Income Tax Act, 1961 Section 194J of the income tax act is applicable to every person, not being an individual or a HUF,  who makes a payment in respect of the services notified is under...

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 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...

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...