300 words Crisp articles on various topics related to Finance
Section 194-LBA of the Income Tax Act deals with the TDS on income received by a business trust or real estate investment trust (REIT) from renting or leasing property. This provision is crucial for those who are involved in the real estate sector or investments in business trusts. What is Section 194-LBA? Under this section, …
Section 194K of the Income Tax Act, 1961, relates to the TDS on income from mutual funds and specified units. This section primarily deals with the taxation of income earned by investors in the form of dividends and capital gains from mutual funds. If you’re an investor or an entity managing mutual funds, it’s important …
Section 194H of the Income Tax Act, 1961 deals with the Tax Deducted at Source (TDS) on commission or brokerage payments. This section is applicable when a person (deductor) makes a payment of commission or brokerage to another person (deductee). The person making the payment is thus responsible for deducting TDS and depositing it with …
Section 194DA, is related to the Tax Deducted at Source (TDS) on life insurance policy payments. Specifically, this section applies when the proceeds from a life insurance policy exceed a certain limit, and the policyholder receives a payout. What is Section 194DA? Section 194DA requires the insurer (the life insurance company) to deduct TDS at …
Section 194D deals with the tax deduction at source (TDS) on insurance commission. This section applies to individuals or entities that pay commission to insurance agents. It mandates that the payer deduct tax before making the payment to the agent. In this blog, we will discuss what Section 194D entails, its applicability, and provide an …
Section 194EE of the Income Tax Act, 1961, deals with the tax deduction at source (TDS) on income earned from bonds issued by the government. It specifically covers the income from the bonds of the National Savings Scheme (NSS) or similar savings schemes that pay interest to the bondholder. What is Section 194EE? Section 194EE …
Section 194E of the Income Tax Act, 1961, deals with the taxation of payments made to non-resident sportsmen and sports associations. This section ensures that tax is deducted at source on payments made to foreign sports professionals, whether they are individuals or entities. The aim is to ensure that non-residents also pay taxes on income …
Form 26QB is a vital tax document in India. It is used to report the Tax Deducted at Source (TDS) when there is a sale of property. It is applicable under Section 194-IA. This section mandates TDS must be deducted when a property worth more than ₹50 lakh is sold. The buyer of the property …
In India, businesses are required to comply with tax regulations and also file various returns with the Income Tax Department. One such return is Form 27EQ which is used for reporting Tax Collected at Source (TCS). TCS refers to the tax collected by a seller from the buyer on certain goods or services, that are …
The tax deducted at source (TDS) is an essential mechanism for collecting tax. It ensures that the government receives tax payments at the source itself. Form 27Q is specifically for the quarterly return of TDS on payments made to Non-Resident Indians (NRIs) or foreign companies, such as payments for interest, royalties, and fees for technical …