This guide delves into the intricacies of Section 194-I, which outlines the provisions for deducting tax at source (TDS) on rent payments. Targeted primarily at individuals earning income from renting out properties or subletting, this section imposes TDS on rental income, considering it as an...
Rental income refers to the revenue received by a taxpayer through renting out their property to another individual. Under Section 22 of the Income Tax Act, 1956, the annual value of property becomes taxable under the head of income from house property if certain conditions...
In a bid to encourage increased participation and financial backing for political parties, provisions for tax exemptions are laid out under Section 80GGB of the Income Tax Act, 1961. This section deals explicitly with donations and contributions made by Indian companies towards political parties or...
Agricultural income in India, as defined by the Income Tax Act of 1961 under Section 2(1A), encompasses various revenue streams derived from land specifically used for agricultural purposes within the Indian territory....
When faced with a notice from the Income Tax Department regarding the non-filing of an Income Tax Return, taxpayers must promptly respond. These notices are typically sent via email or SMS, and taxpayers can reply through their income tax e-filing accounts, eliminating the need for...
Navigating through the intricate landscape of Income Tax regulations, understanding the nuances of mandatory PAN (Permanent Account Number) quoting in various transactions is pivotal. Rule 114B delineates these transactions, each carrying its significance and implications....
Navigating the intricate terrain of income tax filing can be a daunting task, with even the smallest oversight potentially leading to significant consequences. As the deadline for filing taxes approaches, individuals find themselves in a race against time to ensure accuracy and compliance with tax...
Intraday trading involves buying and selling securities within the same trading day, with all positions squared off before market close. Unlike regular trading, where settlement occurs over time, intraday trading demands quick decision-making and execution to capitalize on short-term price movements....
Presumptive taxation schemes are designed to simplify the process of computing profits and gains for certain categories of taxpayers. Two significant provisions under the Income Tax Act, namely Section 44AD and Section 44ADA, outline the framework for such schemes....
In navigating the process of e-verifying tax returns without the need for logging into the e-filing portal, individuals encounter a simplified procedure. The avenue for e-verification resides within the e-filing portal of the income tax department, conveniently accessible through the "e-verify" option nestled under the...
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