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Choosing the right TDS form is essential for accurate tax compliance under the Indian Income Tax Act. Both Form 24Q and Form 26Q serve as quarterly TDS return statements but apply to entirely different types of payments. Form 24Q is used for salary-based deductions under Section 192 , while Form 26Q applies to payments like rent, commission, and professional fees under Section 200(3). The right form ensures proper tax reporting and helps avoid penalties for incorrect filing

Section 195 of the Income Tax Act, 1961 mandates deduction of Tax Deducted at Source (TDS) on payments made to non-residents such as NRIs and foreign companies. It ensures that tax is collected at the source when income arises from India, covering payments like interest, royalty, professional fees, rent, and capital gains. This mechanism prevents tax evasion and secures government revenue by holding the payer accountable for deduction and remittance of tax to the government

Section 194H of the Income Tax Act, 1961 governs the deduction of tax at source on commission or brokerage payments made to residents. It ensures that income earned through intermediary services is reported accurately and taxed at the source itself. From 1 April 2025, the threshold limit has been raised to ₹20,000 and the TDS rate reduced to 2 percent, simplifying compliance for businesses and individual payers. TaxBuddy helps taxpayers understand such provisions and stay c

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

A TDS mismatch between Form 26AS and the Annual Information Statement (AIS) can lead to refund delays, inaccurate tax credit claims, and even income tax notices. The Income Tax Department uses both documents to verify reported income and tax deductions, so even minor differences must be resolved quickly. For Assessment Year 2025–26, the emphasis on reconciling TDS data across Form 26AS  and AIS has increased, as Form 26AS remains the official record of TDS credits, while AIS

Filing income tax  can often feel complicated, especially with the frequent updates to ITR forms, TDS statements, and tax regulations....

The Income Tax Act's Section 194J  is separated into two subsections, 194JA and 194JB. TDS (tax deducted at source) on payments for...

The TDS that must be subtracted from certain payments made to resident contractors and subcontractors is covered by Section 194C  of the...

Paying or receiving rent above a certain limit? Understanding TDS on rent is incredibly important to steer clear of penalties. Tax...

Form 16 is a key document for salaried individuals when filing their Income Tax Return (ITR). It acts as a certificate of tax deducted...