Hi, this is Ravi. I have over three years of experience in accounting. Today, I’ll be explaining Section 194R in a detailed way Imagine you’re running a successful business. To keep things moving smoothly, you often reward your partners, dealers, or agents with perks like holiday trips, promotional gifts, or […]
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A Complete Guide to Sections 44AD and 44ADA: Simplified Taxation for Small Businesses and Professionals
Navigating tax laws can be complicated, especially for small businesses and self-employed professionals who often lack the resources to maintain detailed accounts. To support this segment, the Indian Income Tax Act offers simplified tax filing through presumptive taxation schemes under Sections 44AD and 44ADA. These sections help eligible taxpayers save […]
Continue readingUnderstanding Professional Tax: Key Information for Employees and Employers
Professional tax is a critical aspect of taxation that both employees and employers need to understand thoroughly. It is a state-level tax imposed on income earned through employment or professional activities. This guide provides key information on professional tax, helping you navigate its implications and compliance requirements effectively. Table of […]
Continue readingFee for professional services and technical services under section 194J
Hello Friends, In my today’s blog, I will let you know about section 194J of the Income Tax Act. What is it? Section 194J of the Income Tax Act, 1961, mandates the Tax Deduction at Source (TDS) on payments made for professional or technical services rendered by resident individuals or […]
Continue readingWhat is the TDS section 194D?
Hi everyone! In my today’s session, I will let you know the TDS sections 194D What is the TDS section 194D? Section 194D is a part of the Income Tax Act in India, and it’s about TDS (Tax Deducted at Source) on insurance commission. If you pay someone a commission […]
Continue readingWhat is the TDS section 194H
Hi everyone! In my today’s session, I will let you know the TDS sections 194H What is the TDS section 194H Section 194H of the Income Tax Act is about deducting income tax when someone pays a commission or brokerage to a resident. It applies to individuals, Hindu Undivided Families […]
Continue readingSection 194C – TDS on Payment to Contractors
Hi Everyone! In my today’s article, I will let you know about section 194C What is the TDS section 194C? Section 194C of the Income Tax Act, of 1961 deals with Tax Deducted at Source (TDS) on payments made to resident contractors. It talks about TDS, which stands for Tax […]
Continue readingTDS section 194R of the Income Tax Act
Hi everyone! In my today’s blog, I will let you know the TDS section of 194R. What is TDS section 194R? Section 194R of the Income Tax Act, 1961, introduced in the 2022 Union Budget, mandates the deduction of tax at source (TDS) on benefits or perquisites (perks) provided to […]
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