Tax Articles

tds

TDS Rate Chart FY 2020-21

The TDS or tax deducted at source is a compliance which is quite popular among the taxpayers. The reason is that not only is it mandatory but non-compliance leads to an interest, late fee and penalty. Even a lower deduction...

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Section 80CCC of Income Tax Act

What is Section 80CCC? Section 80CCC of the Income Tax Act, 1961 provides for a income tax deduction against the payment made to obtain a new pension policy or renew an existing pension policy. A taxpayer can claim a deduction...

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Residential Status

What is Residential Status? The residential status of a taxpayer is important because the income tax department provides for a different tax treatment for its taxpayers. Hence, it is imperative for every taxpayer to determine their residential status before doing...

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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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How to File TDS Return?

How to file TDS return is a process of which many taxpayers are unaware and/ or worry about its validation processes. Further, filing a TDS return is mandatory on or before the due date of filing. The entire TDS return...

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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...