How to apply for TAN Number?
Earlier we had a lesson on What is a TAN and about its structure. This time let’s learn how to apply for a Tax deduction and collection account number-TAN.There are two modes of applications.Online application and offline application. Online Application of TAN Online or offline, TAN Number shall be applied through Form 49B. Click the below link to… (0 comment)

What is a TAN Number?
TAN is Tax deduction and collection account number. TAN itself is a number so no point in writing as TAN Number.However generally people call it ‘TAN Number. So what is a Tax deduction and collection account number?. As it’s name says Tax deduction and collection Account Number is an account number allotted by Income tax… (0 comment)

Tds on buying property from nri (Non resident)
TDS on buying property from a NRI is a complex subject. The buyer and seller is totally in dark about the TDS to be deducted in the case of buying/Selling an immovable property from NRI. The reason is that the section 194IA talks about TDS on sale of immovable property and sale of property by… (5 comments)

Payment of TDS on sale of property & File Form 26QB
TDS on sale of immovable property as per section 194 IA is implemented As per Finance Bill of 2013.The section is exempted for transactions below 5000000.00 ( Fifty lakhs) with effect from June 1, 2013, Tax @ 1% should be deducted by the purchaser of the property at the time of making payment of sale consideration. In… (0 comment)

TDS on sale of property section 194IA
As per section 194IA, TDS  on sale of property was introduced in the year 2013-14 budget with view of eliminating evasion of tax. The main purpose of introduction of this section is to improve under valued and under reporting property sales across the country.So as to increase the tax revenue  through capital gains by the… (2 comments)

Section 194I  TDS on rent,rate 10%
A person other than an Individual or HUF paying rent for building,plant & machinery, furniture & fixtures are required to deduct TDS on rent payment.  These deduction would  subject to a marginal limit proposed by government.The Exemption limit is increased to 240000 in the Finance Bill 2019 (Applicable for the Assessment year 2020-2021) from an… (1 comment)

Section 192 TDS on Salary rate and computation
When a person/Employer is paying Income Under head ‘salary‘,he is responsible for deducting TDS on an average rate of income tax (check the bottom of the post for average rate computation example)based on the prevailing rate during the Financial Year by considering  the estimated Income of assessee. All Employers making such payments like Individual,HUF,Partnership Firms,Companies,Co-operative societies, trust, artificial… (18 comments)

Section 194 BB Winning from Horse Race 30% limit 10000
In the Finance Act 1978,a new section was inserted after Section 194 B,Which aims Tax deduction from winning from Horse race. Any person, who is a bookmaker or holding a license of horse racing in any race course or for arranging for wagering or betting in any race course and is paying to any person by… (0 comment)

How To Make TDS Payment Online?
Tax Deducted at Source should be deposited to the government on or before the time limit declared by the Income tax department. Late payment cost you interest and penalty. Usually TDS Collected shall be be deposited on or before 7th of subsequent month. TDS Payment Due date chart In this post let’s discuss how to… (1 comment)