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TDS  on property sale under  Section 194-IA ensures that tax is collected at the source during the sale of immovable property valued above ₹50 lakh. The buyer is responsible for deducting 1% TDS on the higher of the sale price or stamp duty value and depositing it with the government through Form 26QB. The seller, on the other hand, must ensure this TDS is reflected in Form 26AS to claim credit while filing the Income Tax Return . Understanding these obligations prevents mism

Section 80JJAA of the Income Tax Act, 1961, provides a tax deduction to businesses for creating new employment. This provision allows eligible businesses to claim a deduction equal to 30% of additional wages paid to new employees for three consecutive years, starting from the year they are hired. The aim is to incentivize workforce expansion while ensuring formal employment. Only businesses with audited accounts under Section 44AB and new employees meeting tenure, salary, and

Section 80U of the Income Tax Act, 1961, offers a fixed tax deduction to resident individuals certified with at least 40% disability. This provision allows ₹75,000 as a standard deduction for regular disabilities and ₹1,25,000 for severe disabilities (80% or more). The claim process is straightforward, requiring only a valid disability certificate submitted with Form 10-IA, without the need for medical bills or expense proofs. This flat deduction helps reduce taxable income d

Section 80G of the Income Tax Act, 1961 allows donors to claim tax deductions for contributions made to approved charitable institutions...

Through Tax Deduction at Source (TDS), the government is able to collect taxes from taxpayers as soon as their income is received. Every...

Section 80E of the Income Tax Act provides a valuable opportunity for taxpayers to claim deductions on interest paid on loans taken for...

Section 194C of the Income Tax Act, 1961 , plays a vital role in regulating tax compliance related to contract payments. It mandates the...

Tax Deducted at Source (TDS) errors in Form 16 can significantly impact your Income Tax Return (ITR) filing process and may even trigger...