Specific new provisions were implemented in the 2021 Finance Bill related to TCS and TDS. According to the new provisions, TDS and TCS are to be collected and subtracted at high rates for individuals who haven’t filed their income tax returns for...
Read MoreSave Taxes with Section 54 Income Tax Act: Learn About Capital Gains Exemption
When you relocate from one residential property to another, the motive is not to earn income from selling your old house but to find a suitable and comfortable base. It could be financially challenging if you are accountable for paying income tax...
Read MoreSection 17(2) of Income Tax Act: Understanding Perquisites, Benefits and Exemption
Giving tax on your salary definitely feels heart wrenching. Understanding your pain, the government and your employer can help you feel good about everything. The employer can recognise your efforts, and the government encompasses it into Section...
Read MoreUnderstand Double Taxation Avoidance Agreement (DTAA): Benefits, Rates, Required Documents
Everyone works to earn a living. Nevertheless, paying two taxes, one in the country of residence and the country where one works, can be challenging. Therefore, the DTAA was signed between India and 85 countries to eliminate this issue. Double...
Read MoreLearn About Section 80GGC of Income Tax Act: Support Your Political Preferences and Save on Taxes
Do you want to support the country’s taxation, political and legal system and, at the same time, save tax? If yes, you should know about Section 80GGC of the Income Tax Act. Under this section, you can claim a tax deduction for any donation to...
Read MoreA Comprehensive Guide to Withholding Tax in India: Obligations, Rates & Tax Liability
Withholding tax, commonly referred to as retention tax, is the obligation of the taxpayer to withhold the tax while making the payments under specific heads. As per the Income Tax Act, under section 195, the withholding tax rate is fixed. The...
Read MoreClaim Your Dream Home: Exploring Tax Benefits in Section 24 of Income Tax Act 1961
For most of us, having a house is one of our most coveted dreams. But it has been difficult for many individuals to afford homes because of their growing prices. The government provides several crucial benefits under Section 24 of Income Tax...
Read MoreUnderstanding Professional Tax: Levies, Rates, Due Date, and Its Impact on Salaried Individuals in India
Are you an employee who receives a fixed monthly salary in India? Then, you must have heard about the professional tax (PT) A part of your salary will be deducted as tax. It is a direct tax. You can find it in your salary slip or Form 16. The...
Read MoreDiscover TCS Full Form & Product Categories: Learn About Tax Collected at Source & Rates under Section 206C
The 1961 Income Tax Act comprises provisions for collecting tax at source or TCS. Under these provisions, sellers should collect a certain tax percentage from their customers on specific transactions. Many of these transactions are selling or...
Read MoreUnderstanding SLR Full Form – Statutory Liquidity Ratio: Meaning, Components, and Current Rate
SLR full form is Statutory Liquidity Ratio, the minimum deposit percentage commercial banking institutions retain via gold, cash, and other securities. The RBI announced and fixed the SLR. The RBI determines the SLR percentage to control a...
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