Figyan

Income Tax

TDS on Interest from Securities: A Deep Dive into Section 193

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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

Understanding TDS on Rent: A Simple Guide to Sections 194I, 194IB, and 194IC

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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

Income tax Inquiry Notice before Assessment of Tax: Section 142(1)

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The Income Tax Department sends a notice for different reasons. These can include not filing your tax return, mistakes in your return, missing information, reporting less income than you should, suspicions of tax cheating, checking past filings, and other issues.A notice under section 142(1) is sent when you haven’t filed your return or when the department needs more … [Read more...] about Income tax Inquiry Notice before Assessment of Tax: Section 142(1)

TDS on Monetary and Non-Monetary Benefits: Section 194R

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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

Understanding Section 148 Notices: What You Need to Know About Income Tax Reassessments

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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