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 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 […]
Section 10AA of the Income Tax Act: SEZ Deduction Guide Introduction Section 10AA of the Income Tax Act provides deduction benefits to eligible businesses operating in Special Economic Zones (SEZs). This section was introduced to promote exports, attract investment, and […]
Section 35AD of the Income Tax Act: Specified Business Deduction Introduction Certain businesses require substantial investment in infrastructure, machinery, and other capital assets. To encourage investment in such sectors, Section 35AD of the Income Tax Act, 1961 provided an investment-linked […]
Section 111A and 112A of the Income Tax Act: STCG and LTCG Tax Rules Introduction Section 111A and Section 112A of the Income-tax Act, 1961 governed the taxation of eligible short-term and long-term capital gains arising from equity shares, equity-oriented […]
Form 27Q Filing: A Complete Guide to NRI TDS Return Filing Introduction Form 27Q filing is the process of submitting a quarterly TDS statement for specified non-salary payments made to non-residents, including NRIs, foreign companies and other non-resident persons. It […]
