Section 192 deals with the TDS on salary. It mandates every employer to deduct TDS on salary payments in case the salary of the employee exceeds the basic exemption limit. What is TDS on Salary? TDS on salary falls under the purview of Section 192 TDS. Under this tax provision, employers are entitled to deduct tax […]

According to Section 139 (1) of India, any individuals whose total income in the last year exceeds the tax exemption bracket should file their ITR or income tax returns. E-filing is the process through which an individual file their income tax returns online.  As a taxpayer, you can seek expert assistance or file your own taxes

Section 44AB of Income Tax Act, 1961 defines the rules and regulations for the tax audit of an entity or a firm. This tax audit is conducted to ensure that the taxpayer has offered all the required details about his income, taxes, deductions, etc. Note, this tax audit is run by a Chartered Accountant (CA).

The segment serves the aim of eradicating big cash withdrawals from bank accounts and eradicating black money in India. A thorough examination of the section is listed below to give you an understanding of its features. Section 194N was adopted by the government in the Union Budget 2019 presented on July 5, 2019. To deter

Individuals are often under a misconception that earnings generated through freelancing activities are exempt from taxation. Likewise, many are unaware that freelancers, professionals, and consultants can pay income tax on half of their gross annual income. Nonetheless, to enjoy this benefit under the 44ADA income tax, the total income for a freelancer in a financial year

Find TDS/ TCS return due dates with the time period and last date for filing for AY 2025-26 (FY 2024-25). TDS stands for tax deduction at source while TCS stands for tax collected at source. As per the Income-tax Act, if any person makes a payment to the receiver, then TDS is required to be deducted at

Money transfers have consistently been a major factor in the development of black money in the Indian economy. The government recently started several initiatives to reduce cash transaction limit and increase digital payments. Throughout this article, we examine the Income Tax Act’s cash transaction as well as the consequences of exceeding the limit. Income Tax

TDS Section 194J is seeing renewed attention after the passage of Finance Bill 2020, which includes amendments to Section 194J that took effect on April 1, 2020. Section 194J TDS of the Income Tax Act of 1961 contains rules for deducting TDS on payments for scientific and skilled services. What is Section 194J of Income

Every assessee having taxable income, is under obligation of disclosing his income sources to the Income Tax Authority of India. This is done by filing an income tax return. One of the biggest factors which has to be considered in this regard is TDS or tax deducted at source. According to the Income Tax Act, any

A salaried employee would have access to various types of paid leave. These could be casual leave, sick leave, general leave, or earned leave. Some of these leaves can be carried forward to the following years, according to the employer’s rules. There is also the possibility of encashing some of these leaves. This process is