The Income Tax Act requires citizens of India to deposit tax in advance, on an installment basis rather than a lump sum payment at the end of the financial year. Section 208 of the Income Tax Act provides for the calculation and payment of advance tax, while Section 234C provides for penalties for delay […]
The Finance Act, 2017 introduced section 194-IB making deduction of TDS mandatory for tenants who are paying a rent of more than Rs. 50,000 per month. Introduction Up to the financial year 2016-17, only those individuals or HUFs (Hindu Undivided family) who were covered under the purview of Section 44AB, were liable to deduct the […]
In one of the recent updates to the compliance portal of the Income-tax department, assesses can now access the Annual Information Statement (AIS). An AIS is a comprehensive statement of financial transactions made by a taxpayer in a financial year. The AIS is meant to make the return filing process easier for taxpayers. However, many […]
