Introduction: Section 194J of the Income Tax Act deals with the tax deduction at source (TDS) on certain professional or technical services. In this article, we will understand the detailed analysis of payments made to professionals such as lawyers, accountants, doctors, technical experts, and others. Legal provisions: (1) Any person, not being an individual or a Hindu...
Introduction: Section 194C of the Income Tax Act addresses the TDS deducted from specified payments made to contractors and subcontractors. As a result, a thorough comprehension of the area is necessary to avoid future unanticipated problems in your firm. In this post, we will look at a detailed review of TDS on payments made to...
Understanding/ Background: A Corporate Guarantee is a legal promise or commitment made by one person (the guarantor) to assume responsibility for the debts, obligations, or liabilities of another (the beneficiary or principal debtor) if the principal debtor fails to meet its financial obligations. Essentially, it’s a form of financial support or assurance provided by a...
Transfer pricing refers to the pricing method used when goods or services are exchanged between associated enterprises. The purpose of transfer pricing laws is to ensure that such transactions are conducted at a fair and unbiased price, similar to what would be charged in a transaction between unrelated parties. The objective of Transfer Pricing Laws The...
The Goods and Services Tax is one of the revolutionary innovations that has significantly impacted India's tax landscape since its launch. GST has simplified the procedure by combining multiple indirect taxes, but for most businesses, navigating the complexities of GST registration remains a challenge. Several challenges happen during the registration procedure, ranging from paperwork...
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:...
The Goods and Services Tax (GST) is a substantial tax reform implemented in India to establish a unified tax structure. It replaced various indirect taxes, making the taxation procedure simple and transparent. In this article, we will look at the several types of GST, its components, and how they have revolutionized the Indian tax...
When purchasing a property worth more than Rs 50 lakh in India, buyers have to follow certain tax procedures. These also include Tax Deducted at Source (TDS) under Section 194IA of the Income Tax Act 1961. This mandate requires that buyers of property, whether residential or commercial deduct TDS at 1% if the property...
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...
Tax Deducted at Source, or TDS is an important component of the Indian taxation system that service providers need to understand. This approach ensures that taxes are deducted at the point of payment, eliminating the burden of tax filing at the end of the financial year and ensuring that the government receives its revenue...
