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Archive: 24 July 2024

Posts in 24 July 2024

Budget 2024: Section 194H TDS Rate on commission or brokerage to reduce to 2% WEF October 1, 2024

July 24, 2024 10869 Views 0 comment Print

Understand Section 194H of the Income-tax Act: It mandates a 5% TDS on commission or brokerage payments to residents, soon reducing to 2% from October 2024.

Budget 2024: New Timelines & Immunity for Benamidars under PBPT Act, 1988

July 24, 2024 423 Views 0 comment Print

Amendments to the PBPT Act, effective October 1, 2024, introduce new deadlines and immunity provisions for benamidars. Key changes include extended time limits and immunity from prosecution.

Budget 2024: New Rule to Curb Misuse of Deductions in Life Insurance business

July 24, 2024 1227 Views 0 comment Print

From April 2025, life insurance companies must add back non-admissible expenses to their profits to prevent misuse of deductions under section 37.

TDS on Floating Rate Savings (Taxable) Bonds (FRSB) 2020 wef 1st Oct 2024

July 24, 2024 843 Views 0 comment Print

From October 2024, tax will be deducted at source on interest exceeding ₹10,000 for Floating Rate Savings Bonds (FRSB) 2020 and specified government securities.

Section 194C: Non-Deductibility on Certain Manufacturing & Section 194J Payments

July 24, 2024 3390 Views 0 comment Print

From October 2024, payments under Section 194J (professional fees) will be excluded from TDS under Section 194C (payments to contractors).

Amendment to Specified Mutual Fund definition under section 50AA: Budget 2024

July 24, 2024 1737 Views 0 comment Print

Learn about the amendment to the definition of Specified Mutual Fund under section 50AA of the Finance Act, 2023, impacting funds investing in debt and money market instruments. Changes effective from April 2026.

Budget 2024: Settlement Payments for Legal Contraventions not Deductible

July 24, 2024 537 Views 0 comment Print

From April 2025, settlement amounts for legal contraventions will not be deductible as business expenses under Section 37 of the Income-tax Act.

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 24, 2024 7794 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

Sale of Property in India by an NRI – TDS provisions for Buyers & Sellers

July 24, 2024 225378 Views 57 comments Print

Understand TDS provisions for buyers and sellers in the sale of property in India by an NRI. Get insights into tax rates, implications, and advice for seamless transactions.

Importance of a Technical Degree for R&D Tax Credit Consulting

July 24, 2024 642 Views 0 comment Print

Onosetale Aigbe is an expert Research and Development (R&D) Technical Tax Credit Consultant in United States of America. Ms. Aigbe belongs to a niche sector of tax consulting industry compared to broader consulting industry in U.S.

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