TDS deduction on Rent paid by Individuals under income tax

TDS deduction on Rent paid by Individuals under income tax

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 TDS on rent paid by […]

Everything you need to know about Annual Information Statement

Everything you need to know about Annual Information Statement

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 taxpayers have doubts over the […]