Section 194D of the Income Tax Act mandates TDS (Tax Deducted at Source) on insurance commissions paid to agents and brokers. As of Budget 2024, the TDS rate on insurance commissions has been reduced to 2% from the previous rate of 5%. This change aims to provide relief to insurance agents and promote the insurance sector.Eligibility for tax deduction under section … [Read more...] about Section 194D – TDS on Insurance Commission
Income Tax
TDS on winnings from lotteries, crossword puzzles, games, horse races – section 194B and 194BB
Tax at the rate of 30% has to be deducted if winnings are from lotteries, crossword puzzles and games including card game.The person who is responsible for making payments to the winner of lotteries, crossword puzzles and games is required to deduct tax under section 194B at the rate of 30% from the winnings amount at the time of payment.Section 194B is not applicable … [Read more...] about TDS on winnings from lotteries, crossword puzzles, games, horse races – section 194B and 194BB
Understanding TDS on Contractors: A Simple Guide to Section 194C
TDS, or Tax Deducted at Source, is a way for the government to collect income taxes directly from income sources to reduce tax evasion. Instead of waiting until later, income taxes are taken out when payments are made.TDS applies when businesses pay contractors and subcontractors for work, including labour. This is outlined in Section 194C of tax law, which is important for … [Read more...] about Understanding TDS on Contractors: A Simple Guide to Section 194C
Understanding Permanent Account Number (PAN) and PAN 2.0 Project : A Simple Guide to Everything You Need to Know
The Permanent Account Number (PAN) is one of the most essential documents for anyone involved in financial transactions in India. PAN is required for tax-related activities, investments, banking, and a range of other financial services. Over time, the Indian government has continuously upgraded the system, leading to the introduction of PAN 2.0 project to make the process more … [Read more...] about Understanding Permanent Account Number (PAN) and PAN 2.0 Project : A Simple Guide to Everything You Need to Know
Tax benefits for a disabled person in India
More often persons with disability are not aware of tax deductions available to them. Due to which they end up paying more tax than the actually liability.Below in this article, we have discussed different tax deduction provisions applicable to disabled persons in India.In case of any doubt, we request you to use our comment section below for posting your queries and … [Read more...] about Tax benefits for a disabled person in India