Tax Deducted at Source (TDS) is a key component of India's taxation system, intended to simplify tax collection and ensure compliance. It makes tax collection more convenient while also ensuring that people do not evade paying taxes. This technique ensures that taxes are deducted at the source of income, whether it be wage, rent,...
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...
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 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...
