Category: Income Tax

post-1% TDS on Sale of Property u/s 194IA in 2022 (Detailed Guide)
1% TDS on Sale of Property u/s 194IA in 2022 (Detailed Guide)

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...

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post-Income Tax on Rent earned by NRI’s in India
Income Tax on Rent earned by NRI’s in India

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...

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post-Income Tax Form 13 for Lower Deduction of TDS: Section 197
Income Tax Form 13 for Lower Deduction of TDS: Section 197

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...

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post-Tax Saving Fixed Deposit: Should you opt for it?
Tax Saving Fixed Deposit: Should you opt for it?

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...

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post-Points to consider before opting for a Term Insurance Plan during Covid-19
Points to consider before opting for a Term Insurance Plan during Covid-19

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...

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post-NRI TDS Certificate – Should NRI opt for it? (Practical Analysis)
NRI TDS Certificate – Should NRI opt for it? (Practical Analysis)

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....

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Tax on Income from KBC, TV Shows and Online Gaming

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...

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Tax Deduction for Interest paid on Car Loan

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...

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TDS and GST on Advertisement through Google Adwords

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...

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How is Tax levied on Rent from Vacant Land?

Many a times people earn income by letting out their vacant land. It could be monthly rental income or a one time income by letting it out for an event or it could be any other way in which some...

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