Tax Articles

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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...

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Section 80DD

Section 80DD of the Income Tax Act, 1961 provides for a tax deduction to an assessee or a taxpayer. Such a tax deduction is against any sum incurred by the taxpayer for the medical treatment of a person suffering from...

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Section 194N

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...

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TDS (Tax Deducted At Source)

What is TDS ? In the case of certain incomes, a tax is required to be deducted at source by the payer before making the payment. The rates have been specified under the income tax act under various categories. There...

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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...