Tax Articles

Ideally, taxpayers should ensure that they are filing their Income Tax Returns (ITR) on time. However, failing to do so can attract a penalty for late ITR filing. Section 234F of the Income Tax Act is all about the late...

Section 26ST of the Income Tax Act comes into power when a person receives a cash amount of ₹2 lacs or more. Sec 269ST states that no individual shall receive a cash amount of more than ₹2 lacs in aggregate...

While going through your pay slip or offer letter you must notice the allocation of transport allowance. Like other allowances, transport allowance is also a part of your CTC and fixed pay. In recent years, the taxability and tax exemption...

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...

Budget Updates 2023 Removal of the limit of Rs 10,000 for TDS on winnings from online gamingTDS rate for EPF withdrawal reduced from 30% to 20%TDS must be deducted on interest payment on listed debentures.Penalty and prosecution for default in...

TDS payment due date is prescribed by the Income Tax Department to ensure that TDS is deducted regularly and paid to the credit of the Central Government post deduction. Since, a TDS deduction is an amount deducted from an amount...

Section 192 of the Income Tax Act, 1961 provides for TDS on salary income earned by an employee and paid by an employer. The employer deducts tax deducted at source while paying or crediting the salary income to the employer....

TDS on rent as per section 194I of the Income Tax Act, 1961 is applicable on rental income which the tenant pays to the owner. The tenant while paying the rent needs to deduct TDS on rent at the applicable...