Income-Tax Article

Section 206C of the Act provides for tax collection at source (TCS) on business of trading in alcoholic liquor, forest produce, scrap etc. Sub-section (1G) of the aforesaid section provides for TCS on foreign remittance through the Liberalised Remittance Scheme (LRS) and on sale of overseas tour package. TCS was introduced by the Finance Act 2020 on […]

Section 194T, introduced by the Finance (No. 2) Bill, 2024, is effective from April 1, 2025. This section mandates the deduction of TDS on payment of remuneration and interest paid to partners by a partnership firm. Following is the provision regarding Section 194T written in the Income Tax Act 1961: “Section 194T. Payments to Partners of Firms. (1) Any

The Budget 2025 has introduced enhanced threshold limits for TDS, ensuring that smaller transactions remain exempt from tax deduction, thereby reducing the compliance burden. These revised limits, effective from April 1, 2025, apply to various sections of the Income Tax Act, 1961. Here’s a summary of the updated TDS threshold limits: TDS Threshold Rationalization— TDS

To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, section 44ADA and section 44AE. In this part you can gain knowledge about various provisions of the presumptive taxation scheme of section 44AD, section 44ADA and section 44AE. Meaning

To simplify tax compliance and enhance the ease of doing business, the Finance Act has proposed significant changes to the Tax Deducted at Source (TDS) provisions under the Income Tax Act. These amendments, effective from 1st April 2025, include rationalization of TDS rates, revised threshold limits, and relief from overlapping TDS and TCS obligations. 1. Rationalization

The taxpayer has to communicate the details of his taxable income/loss to the Income tax Department. These details are communicated to the Income-tax Department in the form of return of income. In this article you can gain knowledge about various provisions and procedure relating to furnishing/ filing the return of income. The provisions discussed in

INTRODUCTION: Form 15CA and Form 15CB are essential documents under the Income Tax Act, 1961, for foreign remittances. These forms ensure that the remittance complies with tax laws and that applicable taxes (if any) are deducted before the payment is made to a non-resident. Below is a detailed explanation of both forms: When dealing with financial transactions involving Non-Resident

Section 132 of the Income Tax Act, 1961, empowers the Income Tax Department to conduct search and seizure operations to uncover undisclosed income, assets, or wealth. This provision is a critical tool for the department to combat tax evasion and ensure compliance with tax laws. Below is a detailed explanation of Section 132: OFFICER AUTHORIZED FOR SEARCH AND

Section 194-I of the Income Tax Act, 1961, a crucial piece of legislation in India, governs the taxation of income from rent. This section mandates that any person, baring certain exceptions which are herein later, who is responsible for paying rent, is required to deduct tax at source (TDS) at the time of credit of rent

Under the Income Tax Act, 1961, individuals and Hindu Undivided Families (HUFs) can claim exemptions from capital gains tax by reinvesting the proceeds from the sale of a capital asset in specified avenues. These exemptions are designed to encourage reinvestment and reduce the tax burden on taxpayers. Below are the key exemptions available under various