In the past, even before courts were established, people used to settle their problems with the help of a third party if they had a dispute. Courts are then established, and adequate dispute resolution procedures are in place. Eventually, the population increased, and many cases were pending in court, and cases increased, and after days […]
Purchase of Electric Vehicle – Tax benefits (Section 80EEB) and many more advantages!! Planning to buy a car in the future? How about an Electric car or E-scooter, they are set to be the norm. Thinking about how is it going to benefit the average consumer? Read on… Most of us don’t own electric cars, […]
1. Who is responsible to deduct tax under section 194N of Income Tax Act, 1961? Every person, being,— (i) a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act); (ii) a co-operative society engaged in carrying on […]
1) Why Section 194M of Income Tax Act, 1961 was introduced? As per the existing provisions of Section 194C , Section 194H and Section 194J, an individual or HUF, who are not liable to tax audit under Section 44AB(a)/44AB(b), shall not be required to deduct tax under these provisions. Thus, no tax is required to […]
1) Who is responsible to deduct tax under section 194LD of Income Tax Act, 1961? Any person who is responsible for paying to a person being a Foreign Institutional Investor or a Qualified Foreign Investor any income by way of interest. 2) Nature of Payment a) Interest payable on or after the 1st day of […]
1) Who is responsible to deduct tax under section 194LC of Income Tax Act, 1961? If an Indian company or a business trust pays income by way of interest to non-resident (not being a company) or foreign company, has to deduct TDS under this section. 2) Nature of Payment Interest payable by an Indian Company […]
1) Who is responsible to deduct tax under Section 194LBC of of Income Tax Act, 1961? Any person who gives income to an investor with respect to investment in securitization trust is required to deduct tax under this section. 2) When to Deduct TDS under Section 194LBC? The time of deduction is earlier of, the […]
1) Who is responsible to deduct tax under section 194LBB of Income Tax Act, 1961? Any person who gives an income (as referred u/s 115UB) to a unit holder in respect of units held in an investment trust has to deduct tax under this section. 2) When to Deduct TDS under Section 194LBB? The time […]
Section 194J of Income Tax Act, 1961 Every person other than individual/HUF who are not required to do tax audit in preceding year, who is responsible for paying to a resident any sum by ways of :- A. Fees for Professional fees or B. Fees for technical services or C. Remuneration paid to directors excluding […]
Learn about the 9 new big income tax reliefs for 2021. From PAN Aadhar linking to Section 54 LTCG investment, stay up to date with the latest tax changes.
