Tax Deducted at Source (TDS) is a method of tax collection where the payer deducts tax from the income of the payee and submits it to the government. If you're dealing with insurance commission or life insurance payments, it's essential to understand the relevant TDS provisions under Section 194D and Section 194DA of the Income Tax Act.In this article, we’ll break down the … [Read more...] about Understanding TDS on Insurance Commission and Withdrawals: A Simplified Guide
TDS on Interest from Securities: A Deep Dive into Section 193
Section 193 explains the rules for deducting tax on interest payments from securities. If someone pays interest on securities to a resident (a person living in India), they must deduct tax from that payment according to Section 193.These rules do not apply when the interest is paid to a non-resident (a person not living in India).Section 193 mainly deals with how tax is … [Read more...] about TDS on Interest from Securities: A Deep Dive into Section 193
A Beginner’s Guide to Credit Audits: Processes, Objectives, and Importance
Credit audit is a crucial process in the financial sector, especially when dealing with loans and credits. It ensures that banks and financial institutions are following proper procedures, maintaining quality standards, and identifying potential risks in their lending activities.This guide will break down the concept of credit audit, its objectives, processes, and … [Read more...] about A Beginner’s Guide to Credit Audits: Processes, Objectives, and Importance
Forensic Audits: Uncovering Fraud and Financial Misconduct
A forensic audit is a special type of investigation used to look closely at financial records to uncover signs of fraud, theft, or other illegal activities. This kind of audit is different from a regular audit, which only checks if a company’s financial records are correct.Instead, a forensic audit digs deeper to find out if there has been any criminal behavior, like … [Read more...] about Forensic Audits: Uncovering Fraud and Financial Misconduct
Understanding TDS on Rent: A Simple Guide to Sections 194I, 194IB, and 194IC
Rent is the amount people pay to use a property, like land, buildings, or equipment. Whether it's for a lease, sub-lease, or other agreements, rental income can come from many sources. However, in India, the government requires a part of this rental income to be deducted as tax at the source. This is known as Tax Deducted at Source (TDS), and it is guided by specific … [Read more...] about Understanding TDS on Rent: A Simple Guide to Sections 194I, 194IB, and 194IC