Category: TAX

Accounting, bookkeeping and maintaining a track record of all your transactions can be very cumbersome processes. Not to mention the process of getting your books audited by a firm and ensuring all the forms are in place. This can be a very tedious process for small, micro and medium enterprises. To ease the way of… Continue reading Section 44AD of Income Tax Act

Basic rules of the Income Tax Act’s Section 194C According to Section 194C, the following individuals are held financially liable for paying the resident contractor any amount for performing any work (including the supply of labour): The individual’s list consists of The authorities have also defined the term “work” in Section 194C. Here are the… Continue reading Section 194C TDS

It is a taxation method in which the individual or organization who is in charge of making certain payments deducts the necessary tax before crediting the payment to its recipient. TDS stands for Tax Deducted at Source. Salary, bonus, commission, FD interest, and rent are examples of common forms of payments subject to taxation under… Continue reading TDS Rate Chart

What is TDS traces? When it comes to the extension of TRACES, it is TDS Reconciliation Analysis and Correction Enabling System. TDS traces is an online provision offered by the Department of Income Tax at the online portal www.tdscpc.gov.in. The aim of this provision is to allow both deductors and payers of TDS to find paid taxes online… Continue reading TDS TRACES

To comply with the Union Budget 2020, the amount of TDS that can be deducted has been lowered to Rs 20 lakh for taxpayers who have not submitted income tax returns in the preceding three years. Paying 2 percent in tax deductions is mandatory for taxpayers who withdraw more than Rs 20 lakh in cash.… Continue reading Section 194N – TDS on cash withdrawal

TDS Section 194J is a provision in the Income Tax Act 1961 that deals with the deduction of TDS on fees for technical and professional services. The section is getting attention again after the Finance Bill 2020, which has made some revisions to it. The revised version of the section will come into effect from… Continue reading Section 194J – Fees for Professional or Technical Services

What is TDS? The term TDS means Tax Deduction at Source. It is a tax deduction that individuals and businesses face at various stages of the business. It helps individuals pay tax at the initiation of the business transaction if it is above a certain threshold level.  Usually, individuals, businesses or corporations need to file… Continue reading TDS – Full Form, Meaning

Taxes come in many forms, and fortunately, now you can use a single copy challan to pay any direct taxes such as income tax, corporate tax, tax deducted at source (TDS), or tax collected at source (TCS) through OLTAS. The Online Tax Accounting System (OLTAS) is a system that helps taxpayers manage their receipts and… Continue reading OLTAS Challan – TDS Challan Status

Every taxpayer from whom TDS has been deducted will be required to file a TDS return with the IRS. They must be filed at specific intervals of time, and the information that must be submitted to the income tax authorities includes the TAN (Tax Deduction and Collection Account Number), the amount of tax deducted, the… Continue reading TDS Return Due Date

If you come under the eligibility criteria to file Income Tax Return 6, then this guide will be very helpful to you. Read more to know about what ITR 6 is and how you should file this form 6. You can easily download the ITR 6 form for free from the official income tax website.… Continue reading ITR 6