Difference Between TCS and TDS Under the Income Tax Act, 2025 Introduction Understanding the differences between TCS and TDS is essential for businesses, professionals, taxpayers, and finance teams responsible for tax compliance. Both Tax Deducted at Source (TDS) and Tax […]

Difference Between Section 80TTA and Section 80TTB Introduction The difference between Section 80TTA and Section 80TTB mainly relates to the eligible taxpayer, type of interest covered, and maximum deduction permitted. Interest earned from bank accounts and post office deposits is […]

Form 12BA of The Income Tax : Applicability and Structure Introduction Form 12BA of the Income Tax is issued under the income tax laws, which have established guidelines for the assessment of certain perquisites. Additionally, because Form 16 only contains […]

Section 194R of Income Tax Act: TDS on Benefits or Perquisites Introduction To improve tax reporting and widen the tax base, the government introduced section 194R of Income Tax Act through the Finance Act, 2022, effective from 1 July 2022. […]

Section 80D of the Income Tax Act: Deduction Limits and Tax Benefits Introduction Health insurance helps families manage medical expenses, while Indian tax law has also provided deductions for eligible premiums and certain medical costs. Section 80D of the Income […]

Section 194J of Income Tax Act: TDS Rates & Threshold Limits Introduction The section 194J of Income Tax Act governs the deduction of tax at source (TDS) on specified payments made to resident professionals and service providers.   Businesses frequently […]

Section 194O of the Income Tax Act,1961: TDS on E-Commerce Introduction Section 194O of the Income Tax Act introduced TDS on transactions facilitated through e-commerce platforms. It required an e-commerce operator to deduct tax from payments made or credited to […]

Section 54 Under the Income Tax Act: Capital Gains Exemptions Overview Section 54 Under the Income Tax Act provides relief from long-term capital gains tax when gains earned from the sale of a residential house property are reinvested in another […]

What is Form 29B of the Income Tax Act? Applicability & Filing Introduction Form 29B of the Income Tax Act is an audit report that companies covered under Section 115JB must obtain from a Chartered Accountant (CA) for the computation […]