Section 194Q of the Income Tax Act, 1961 is a provision that deals with Tax Deducted at Source (TDS) on the purchase of goods.
As you are aware that, the period of Jan-March is a period in which we salaried personal are in tremendous stress to save our taxes and the instruments in which we have to invest to save taxes.
Section 194J of the Income Tax Act pertains to the TDS on fees for professional or technical services. According to this section, any person, including an individual or a company, who is responsible for paying to any sum as fees for professional or technical services, is required to deduct TDS.
The Annual Information Statement (AIS) in Form 26AS is a comprehensive view of information for a taxpayer that includes details of tax credits received from various deductors/collectors, tax payments made by the taxpayer, and any tax refund received by the taxpayer.
Form 26AS is a statement of tax credits. It is a consolidated statement that contains information about the tax that has been deducted or collected from an individual's income, as well as the taxes paid by the individual.
27 January 2023
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Income Tax Refund refers to the process of receiving money back from the government if the amount of taxes paid by an individual or organization is more than the taxes owed.
Form 10BA is a tax form used in India for declaring deductions claimed under Section 80GG of the Income Tax Act. This section allows for deductions on rent paid for residential accommodation if the individual does not own a house or if the house is not available for his use.
As we all know March 2023 is coming. This means financial year 2022-23 is about to end. Everyone looks for tax planning to save tax. Here we will talk about ways to save tax for salaried people.
Capital gain is the profit made from the sale of a capital asset, such as real estate, stocks, or bonds. The capital gain is the difference between the purchase price of the asset and the selling price. If the selling price is lower than the purchase price, the result is a capital loss.
The ITR-U return is a great facility provided by the government to benefit taxpayers who have failed to file their ITRs on time. This step taken by the government will help taxpayers to stay compliant with the tax laws and also help them to avoid any penalties or interest.
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