Sometimes the employer does not provide rent-free accommodation but instead helps the employee in paying rent by providing an allowance. The amount of cash paid is known as House Rent Allowance.
As per Section 194Q, a buyer is supposed to deduct 0.1% TDS on the purchase of goods from a resident seller, the value of which exceeds Rs. 50 lakhs in any PY.
Income from capital gains is classified as 'Short Term Capital Gains' and 'Long Term Capital Gains'. Let us understand the 'Grandfathering Concept' in relation to the Long Term Capital Gains.
Forex Transactions refer to transferring funds from one country to another. Let us understand the tax implications, mechanism for paying the tax and Liberalized Remittance Scheme in this regard.
Slump sale means the transfer of one or more undertaking, by any means, for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales.
Section 206AB and 206CCA were introduced in the Finance Bill 2021. They provide for a higher deduction of TDS and TCS respectively, if certain conditions are met.
Generally, salary is considered as a fixed payment from an employer to an employee. However, the term 'salary' has a larger scope. Let us discuss the term 'salary' in this article.
The intention of section 194Q is to widen and deepen the tax base. In order to do the same, it is proposed to levy a TDS of 0.1% on purchase transactions exceeding Rs. 50 lakhs in a year.
Income tax was introduced in India in 1860 and is generally described as a tax on income, gains or profits earned by a person such as individuals and other entities.
FM Nirmala Sitharaman proposed the addition of Section 194K in the Union Budget 2020. This section includes a tax deduction on the amount paid on the units of mutual funds.
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