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3 days ago · Section 194C of the Income Tax Act governs the withholding of taxes on payments made to contractors or subcontractors. This article comprehensively covers the provisions and implications of Section 194C.
2 days ago · Under Section 194J payments towards fees for professional or technical services have TDS implications. Know more about the section 194J, its rate for deduction of tax, time of deduction, consequences of non-deduction or late deduction here.
5 days ago · TDS on Contractor is a tax mechanism where the payer deducts a certain percentage as tax when making payments to contractors and remits it to the government on behalf of the contractor.
3 days ago · TDS on Rent: Any Person(Other than Individual/HUF not liable to tax audit in last PY) Any Resident Person: 2% (on rent paid for use of machinery, plant or equipment) 10% (other cases) Up to Rs. 240000 during the FY: 16: Section 194IA: TDS on Payment on Transfer of Immovable Property (Not Being an Agricultural Land)
5 days ago · Deduction in the form of expenditure incurred on rental income: When rental income is earned from letting out plant, furniture, machinery, or building, any expenditure incurred on current repairs of the assets mentioned above, as well as insurance paid regarding them, is allowed as a deduction.
3 days ago · Mandatory 5% TDS for Rent Payments: Individuals and HUFs must deduct a 5% TDS on monthly rent payments exceeding Rs 50,000, even if they are not subject to a tax audit. TDS by Employers: Employers deduct TDS based on the income tax slab rates applicable to employees.
5 days ago · Check out what TDS on Rent is and how you can calculate and deduct Tax on Rent Paid in a few simple steps. Also, go through the rules of TDS on Rent Payments.
