Income Tax - TDS Rate Chart for Financial Year (FY) 2023-2024 / Assessment Year (AY) 2024-2025 including Budget 2023 Amendments Tax Deduction at Source (TDS) is one of the important compliances for Income Tax Assessee. There are various sections in Income Tax Law, which specify different TDS rates, nature of payment & its threshold limits for TDS....
Read MoreIncome Tax - Alignment of provisions of section 45(5A) with the TDS provisions of section 194-IC – Budget 2023 The existing provisions of the sub-section (5A) of section 45 of the Act, inter alia, provide that on the capital gain arising to an assessee (individual and HUF), from the transfer of a capital asset, being land or building […]...
Read MoreIncome Tax - Section 194I : Any person excluding Individual and HUF (However if they have 1 Cr. Turnover in case of Business and 50 Lacs in case of Profession, provision also applies to them) on payment of Rental Income of more than Rs. 2,40,000 to resident is required to deduct Tax at Source. Definition of Rent: “rent” […]...
Read MoreIncome Tax - TDS on redevelopment of societies: Generally there are exchange of services in the redevelopment transactions with the societies. Societies are transfer the FSI with the development rights to the developer and developer give them a existing area with some extra area free of cost, corpus, betterment charges, alternate accommodation, may be...
Read MoreIncome Tax - There are 194IC and Section 194IA , two sections of the income tax act which attracts on the transaction of any type of development agreement The exact wording of the sections are as below: Section 194IC- Payment under specified agreement. 194-IC. Notwithstanding anything contained in section 194-IA, any person responsible for paying to a...
Read MoreF. No. 370/02/2017-IT(B) - (13/09/2017) - On review of the progress of TDS collections it is noted that as on 31.08.2017, an amount of Rs. 1,65,114 crore has been collected under TDS (Minor Head) at a growth rate of 10.44% over corresponding period of last financial year. It has shown a significant decline of 7 percent over the last financi...
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