Income Tax - 1) Who is responsible to deduct tax under section 194IB of Income Tax Act, 1961? Any person, being an individual or a Hindu undivided family (not covered under section 194I), responsible for paying to a resident any income by way of rent exceeding ₹ 50,000 for a month or part of a month during the […]...
Read MoreIncome Tax - Income Tax TDS Rate Chart for for Financial Year (FY) 2021-22 / Assessment Year (AY) 2022-23 The term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wherein a person responsible to pay a sum of specified nature shall deduct an amount towards TDS and pay it to the credit of Central Government. […]...
Read MoreIncome Tax - What are CHALLAN Cum RETURNS under TDS provision? Types of CHALLAN CUM RETURNS 3 types of CHALLAN Cum Return under TDS No. Form Section TDS certificate Form Description 1 26 QB 194-IA 16B TDS on Payment of transfer of Immovable Property 2 26 QC 194-IB 16C TDS on Rent on Property 3 26 QD 194M […]...
Read MoreIncome Tax - Amendments in TDS/TCS as notified vide Finance Act, 2021 as passed by Lok Sabha/Rajya Sabha and Assented by Hon’ble President on 28th March 2021: Hello readers, AS we know TDS /TCS proposals in Finance Bill 2021 notified on 23.03.2021. Let us understand in very simplified manner- Amendment in Section 194 – Exemption from TDS on [&...
Read MoreIncome Tax - SECTION 194IA: Deduction of tax at source from payment on transfer of certain immovable property [AY 2021-22] Provisions of Section 194-IA: (1) Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by way of consideration for transfer of any immovab...
Read MoreIncome Tax - The Finance Act, 2017 inserted new section 194-IB to provide that an Individual or a HUF (other than those covered under clause (a) & (b) of section 44AB of the Act), responsible for paying to a resident any income by way of rent exceeding fifty thousand rupees for a month or part of month during the previous year, shall deduct an amount ...
Read MoreNotification No. 55/2017-Income Tax [G.S.R. 631(E)] - (23/06/2017) - In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), number 48/2017, dated the 8th June, 2017, published vide number G.S.R. 561(E), dated the 8th June, 2017, in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section...
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