TDS is a provision to ensure swift recovery of tax and is done at specified rates on specified payments. The government has amended TDS rates for residents, however, these changes are not applicable to NRIs.
Discussing Section 194LB of the Income Tax Act, which deals with the TDS on Income, by way of Interest from Infrastructure Debt Fund including its meaning, rate of TDS and responsibility etc.
Tax Saving is often considered one of the most important aspects of Financial Planning. We all know that every year we have to pay a certain percentage of our income as tax to the government.
Discussing all the Direct Tax Notifications and Circulars issued by the Central Board of Direct Taxes, in the month of January 2021.
Discussing Section 194LA of the Income Tax Act which deals with TDS on Payments of Compensation on Acquisition of certain Immovable Property including its meaning, rate of TDS, and eligibility etc.
Highlights of Union Budget w.r.t Taxation
'Your refund has failed, please raise a Refund Reissue Request', if you get this kind of email or sms after receiving ITR Processing Intimation u/s 143(1) then you need to follow just 2 simple steps to get you Income Tax refund.
The new section 206AB and 206CCA are proposed to be inserted in the Income Tax Act, 1961 by the Finance Bill, 2021 which provides for a higher rate of TDS/TCS to be applied if the transactions are done with the non-filers of the Income Tax Return.
In this communication, we are going to touch base an important change in the Tax Law that is proposed by the Budget and going to impact drastically every business operating in India.
Section 194P - Conditional Relaxation for a senior citizen who is the age of 75 years or more from filing return of Income Tax under Union Finance Bill 2021/Budget 2021.