Section 194R of the Income Tax Act was introduced in the Union Budget of 2022. This rule requires businesses to deduct TDS (Tax Deducted at Source) on benefits provided in kind, making it harder to evade taxes and misreport income.Applicability of Section 194RSection 194R deals with the taxation of both monetary and non-monetary benefits (also known as perquisites) that … [Read more...] about TDS on Monetary and Non-Monetary Benefits: Section 194R
Income Tax
Understanding Section 148 Notices: What You Need to Know About Income Tax Reassessments
Before the tax officer makes any adjustments to your tax assessment, they will first send you a notice. This notice will request you to provide your income details or the income details of someone you are responsible for, and you'll need to do so within a specific deadline.You must submit your income tax return or the requested income details as stated in the notice. If you … [Read more...] about Understanding Section 148 Notices: What You Need to Know About Income Tax Reassessments
Tax Benefits of Home Loan Interest in New Regime: Key Insights
If you have a home loan and want to pay less in taxes, you should consider claiming a loss from house property. This loss can be used to lower your other incomes, which may reduce the amount of tax you have to pay. However, there are certain rules you need to follow if you want to use this loss to offset other incomes. Keep reading to find out more about these rules.When … [Read more...] about Tax Benefits of Home Loan Interest in New Regime: Key Insights
Old vs. New Tax Regime: Which One Is Best for Employees?
The Indian tax system allows salaried individuals to file their Income Tax Return (ITR) using either the old tax regime or the new tax regime. Each option has different tax rates, deductions, and exemptions, so picking the right one can significantly affect your tax bill.This article will explain both systems to help you figure out which one is best for your … [Read more...] about Old vs. New Tax Regime: Which One Is Best for Employees?
What is an Income Tax Notice under section 143(2) and how to respond?
The Income Tax notice under section 143(2) is sent to make sure that taxpayers haven't reported less income, claimed too many losses, or paid too little tax.To start an assessment under section 143(3), the tax officer must send this notice according to the rules of section 143(2). This assessment is more detailed and thorough. Importantly, a notice under section 143(2) can … [Read more...] about What is an Income Tax Notice under section 143(2) and how to respond?