When it comes to managing rental income, property owners in India must navigate the complexities of tax regulations, particularly the Tax Deducted at Source (TDS) under Section 194I of the Income Tax Act. This … READ FULL STORY
Those paying money for professional and technical services have been entrusted with the responsibility to deduct tax at source under income tax laws in India. The provisions made in this regard are explained under … READ FULL STORY
Entities responsible to deduct TDS or Tax Deducted at Source under the Income Tax (I-T) law must deduct a certain portion of the payment involved and submit it to the I-T Department. The TDS … READ FULL STORY
Tax Deducted at Source (TDS) is a sytem under which tax is directly collected at the point of generation of income. Under the income tax laws in India, TDS is deducted by the payer, … READ FULL STORY
The income tax Form 13 is associated with TDS, which stands for ‘Tax Deducted at Source’. According to the Income Tax (IT) Act, TDS must be deducted at the time of any payment. TDS … READ FULL STORY
TDS on commission Just like any other income, TDS deduction applies to money earned as commission or brokerage. Section 194H of the Income-Tax Act deals with TDS on commission and TDS on brokerage. See … READ FULL STORY
Banks are mandated to deduct TDS on the interest income of a customer under Section 194A of the Income-Tax Act, even if an individual’s income does not fall under the taxable limit. However, the … READ FULL STORY
Suppose you live with a family member and receive HRA as part of your salary package. Did you know that there is a way to save taxes, in case you pay rent to the … READ FULL STORY
In the event where a home owner defaults on the loan taken, the lender is entitled to legally repossess the property. Such repossessed properties are ultimately sold through physical or electronic versions of auctions. … READ FULL STORY
In a separate article we have discussed the provisions of tax deduction at source on payments being made to residents with respect to rental and sale transactions of property. For a resident Indian, who … READ FULL STORY
Many home buyers are often confused when it comes to understanding the applicability of long-term capital gains (LTCG) tax, when they sell a property. Let us check out five important things related to LTCG … READ FULL STORY
The rental income from a real estate investment, is taxed under the head ‘Income from House property’ under the income tax laws, which is a direct tax law of the country. Properties that are … READ FULL STORY
As per the income tax laws, any profit on sale or transfer of your house or land becomes taxable, in the year in which you transfer the same. As per the Transfer of Property … READ FULL STORY
