Category: Income Tax

In order to encourage taxpayers to file ITR and discourage non-filers of ITR, new provisions of the Income Tax Act will get applicable from 1st July 2021 under which TDS would get applicable at double rates for specified category of...

TDS on Sale of Property is levied @ 1% on transaction of all properties where the total transaction value is more than Rs. 50 Lakhs. The manner of levy of TDS on Property has been explained in detail in this...

A Large No. of NRI’s settled abroad now own property in India and many of them have even given such properties on Rent. In this article, we would be focusing on the levy of Income Tax on Rent received by...

As per the provisions of the Income Tax Act, TDS is required to be deducted at the time of making any payment. This TDS is deducted by the person who is making the payment and is required to be deposited...

To give a boost to the declining interest in fixed deposits of retail investors, the Finance Ministry in the year 2006 announced that all Fixed Deposits with a maturity of not less than 5 years shall be eligible for deduction...

An insurance policy is more than an investment for an individual. It is a symbol of assurance for the family of the individual that they would be well taken care of in the unfortunate event of an individual’s death. And...

Whenever an NRI receives any payment, TDS is required to be deducted on such payments. The person who is making the payment to the NRI deducts some amount (technically called as TDS) and makes the balance payment to the NRI....

The fact that people can earn money by participating in Game Shows has been a crowd puller in India for the past many years. It started with KBC where the contestants had the opportunity to win a lot of money...

The Interest paid on some types of Loans is allowed to be claimed as an Expense under the Income Tax Act. However, all types of interests are not allowed to be claimed as an expense. The most common reasons for...

GST @ 18% is levied and TDS @ 2% is deductible on the Google Adwords advertisement expense. It is important to note here that some publishers are advertising through the Google entity which is registered in India and some advertisers...