Under Section 51 of the GST Act, specified entities must deduct TDS at 2% for payments exceeding ₹2.5 lakh. Exemptions include unregistered suppliers, exempt goods, and small contracts. Deductors must adhere to filing deadlines and compliance norms, while suppliers can claim TDS as ITC, fostering transparency and tax compliance.

The new TDS rate chart for AY 2025–2026, which details the relevant rates for residents and non-residents, has been made public by the CBDT. Important clauses, noteworthy modifications, compliance dates, and advice on implementing the most recent TDS rates into your financial procedures are all highlighted in this article. To guarantee timely tax filing and prevent fines, be informed.

This blog provides a step-by-step strategy for persons earning 12 lakh annually to legally pay zero income tax. It investigates significant deductions and exemptions under several parts of the Income Tax Act, such as parts 80C, 80D, HRA, and NPS, and provides practical examples to aid comprehension.

The 2025 Budget is expected to bring transformative tax benefits for senior citizens, increasing the exemption limit to ₹5 lakh and introducing zero tax liability on income up to ₹10 lakh under the old tax regime. These changes aim to enhance financial stability, encourage savings, and simplify tax compliance for senior citizens.

For salaried people making up to Rs. 15 lakh, the government is recommending income tax reduction. In order to help middle-class taxpayers, this blog explores potential adjustments to income tax slabs, improved standard deductions, and expanded savings opportunities. People can improve their financial planning by comprehending these suggestions.

Individuals who get royalties from patents may deduct up to ₹3,00,000 under Section 80RRB of the Income Tax Act, 1961. By lowering inventors' taxable income, this clause promotes innovation. Learn about the deduction's eligibility, requirements, and application procedure.

Form 12BAA was created by the Income Tax Department to simplify salary tax deductions. In order to ensure correct TDS deductions and improved tax planning, this handbook assists salaried staff in understanding its goal, essential components, and use.

In order to lessen the tax burden on different types of payments, the TDS rates under Sections 194-IB, 194-DA, 194-G, 194-H, 194-M, and 194-O have recently changed. The TDS rate for insurance commissions, life insurance payouts, lottery commissions, brokerage fees, and rent payments will be lowered from 5% to 2% as of October 1, 2024, and April 1, 2025. A 2% tax under Section 194M will also be applied to payments made by non-auditable businesses to contractors and professionals. In addition, Section 194-O will apply a reduced TDS rate of 0.75% to e-commerce transactions. These adjustments aim to increase tax compliance across a range of industries and enhance liquidity for professionals, small enterprises, and individuals.

The Income Tax Act's Section 194A, which requires the deduction of tax at source from interest income, is examined in this blog. It addresses filing methods, TDS rates, exclusions, and the section's application. For individuals and corporations to maintain compliance and efficiently handle tax liabilities, it is imperative that they comprehend Section 194A.

This blog post provides a detailed guide to Section 35AB of the Income Tax Act, which offers tax deductions for capital expenditures on acquiring know-how. It covers the benefits, requirements, and advantages of this provision, making it a valuable resource for businesses looking to invest in innovation and growth.

The Union Budget 2024 introduces several critical changes to the Indian income tax structure, set to take effect from October 1, 2024. These updates include a hike in Securities Transaction Tax (STT), new TDS rates on government bonds, higher taxes on specific transactions, and revised capital gains tax rates. The standard deduction for salaried employees has also been increased. This blog breaks down each of these changes, helping taxpayers understand the impact on their financial planning and compliance

The Income Tax Act's Section 25A deals with the taxation of unrealized rent and rent arrears that property owners recoup. This clause permits a 30% reduction prior to taxation and makes it clear that arrears remain taxed even after the property is sold. To assist property owners in understanding their tax responsibilities, this blog offers a thorough explanation of Section 25A's application, as well as an analysis of its main clauses and useful examples.