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Income Tax

A Guide to TDS on Rent Payments: Tax Deduction under section 194I

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Tax Deducted at Source (TDS) is a system in India where a certain percentage of tax is deducted from payments made to individuals or entities, ensuring that tax is collected at the point of income generation. This system helps the government track income and prevents tax evasion. TDS applies to various payments, including salaries, interest, payments to contractors, … [Read more...] about A Guide to TDS on Rent Payments: Tax Deduction under section 194I

Income Tax Rebate Under Section 87A: Eligibility, Limits, and Calculation

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For the financial year 2024-25 (assessment year 2025-26), section 87A of the Income Tax Act, 1961, allows individuals to get a tax rebate of up to Rs 12,500 if they follow the old tax regime, and up to Rs 25,000 if they choose the new tax regime.This means that if someone chooses the old tax regime and their taxable income is up to Rs 5 lakh, they don’t have to pay any … [Read more...] about Income Tax Rebate Under Section 87A: Eligibility, Limits, and Calculation

A Complete Guide to Income Tax Refunds: All You Need to Know

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An income tax refund is the amount of money returned to a taxpayer by the tax authorities when they have paid more tax throughout the year than they actually owe. For salaried individuals, this type of situation arises when taxes are withheld from salary under section 192 or when they make advance tax on their estimated income, and the total payments exceed the … [Read more...] about A Complete Guide to Income Tax Refunds: All You Need to Know

Books of Accounts to be maintained for Income Tax Purpose – Section 44AA

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Section 44AA of income tax act 1961 requires certain persons carrying on business or profession to maintain books of accounts and other documents.In this article, we will discuss provisions to maintain books of accounts for income tax purpose.For certain professions, CBDT has compulsorily specified to maintain books of accounts as per rule 6F of income tax rule. Here is … [Read more...] about Books of Accounts to be maintained for Income Tax Purpose – Section 44AA

Understanding Income Tax Audits Under Section 44AB: Applicability and due date of filing

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Section 44AB of the Income Tax Act, 1961, outlines the rules for tax audits for businesses or individuals. A tax audit checks that the taxpayer has accurately reported their income, deductions, and taxes. This audit must be done by a Chartered Accountant. The business must keep proper accounting records that meet the Income Tax Act's standards. This article explains everything … [Read more...] about Understanding Income Tax Audits Under Section 44AB: Applicability and due date of filing