TDS

Section 194N of the Income Tax Act of India was introduced to reduce cash transactions and encourage digital payments. As part of this initiative, the government has mandated that banks, cooperative banks, and post offices deduct Tax Deducted at Source (TDS) on large cash withdrawals made by individuals. The aim is to curb unaccounted cash transactions and promote a cashless … [Read more...] about TDS on Cash Withdrawals: Complete Guide to Section 194N

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

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

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

In India, Tax Deducted at Source (TDS) is a method the government uses to collect taxes directly from your income before you receive it. This applies to different types of income, like salaries, dividends, bonuses, commissions, and interest from deposits.Section 194A of the Income tax act, 1961, talks about tax to be deducted on interest payments. Interest payments … [Read more...] about Comprehensive Guide to TDS on Interest Income: Section 194A