The Finance Act, of 2024 has brought a significant change in the taxation of payments made by partnership firms to their partners by introducing Section 194T. This provision ensures that payments like salary, remuneration, commission, bonus, and interest to partners are now subject to TDS (Tax Deducted at Source), which was previously not applicable. Background:...
Tax Deduction at Source (TDS) For quick and efficient tax collection, the Income Tax Act has incorporated a tax deduction system at the point of income generation. This system is termed "Tax Deducted at Source," or TDS. Under this method, tax is deducted from the source of income. Tax is deducted by the payer and...
With the increasing popularity of influencer marketing in India many social media influencers are constantly sent gifts, freebies, and promotional materials by companies. These are frequently given in exchange for promoting products or services on social media platforms such as Instagram, YouTube, and TikTok. Beginning July 1, 2022, influencers will be subject to a...
