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TDS PROVISIONS POST BUDGET -2024

Category : Income Tax

" PROPOSED RATE OF TDS ON RENT PAID As per provisions of section 194-IB, an individual or a Hindu undivided family who pays rent exceeding Rs.50,000 for a month or part of a month toward house property is required to deduct TDS @ 5 per cent on rent paid to the landlord during a financial year. I... "

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26 Jul, 2024

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Mastering Income Tax Compliance in India: A Simple Guide for Stress-Free Filing

Category : Income Tax

" Understanding income tax compliance in India may seem overwhelming, but individuals and businesses must follow tax laws to avoid penalties and ensure efficient financial management. Understanding income tax compliance goes beyond simply fulfilling tax obligations. It also entails knowing about the v... "

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22 Jul, 2024

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Slash Your Tax Bill: Essential Guide to Saving Money as a Salaried Employee in India

Category : Income Tax

" Tax season for salaried employees in India doesn't have to be scary! Smart tax planning maximises your earnings and financial stability. It's all about understanding deductions and exemptions the government offers. Think of your salary as a pie. Taxes take a slice, but you can minimise it... "

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18 Jul, 2024

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Lower Deduction or NIL Deduction of TDS on Sale of Property by NRI

Category : Income Tax

" When an NRI sells property in India, the buyer is required to deduct TDS at a rate of 20% + Surcharge on the gross amount of sale consideration of the property being sold if it is held by the NRI for more than 2 years before selling the same or at the rate of 30% + Surcharge if it is held for less... "

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10 Jun, 2024

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Essential Tips for Income Tax Compliance in India

Category : Income Tax

" Taxes in India – the mere mention can send shivers down spines. Complex forms, unfamiliar rules, and the looming threat of errors can make filing income tax a daunting task. But worry not! This short and informative blog serves as your roadmap to a smoother and more confident tax season. At P... "

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22 May, 2024

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Avoid Tax Pitfalls: Streamline Your Income Tax Compliance in India

Category : Income Tax

" Tax season in India can be a daunting time for individuals and businesses alike. Navigating complex regulations, deadlines, and filing procedures can feel overwhelming. However, ensuring income tax compliance is crucial not just for avoiding penalties but also for contributing to the nation'... "

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26 Apr, 2024

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Understanding Section 43B: How to Claim Tax Deductions for MSME Payments

Category : Income Tax

" Tax Time Got You Confused? Understanding MSME Payments & Deductions Made Easy. Ever wonder how timing your payments can impact your taxes? This is especially important when dealing with Micro, Small, and Medium Enterprises (MSMEs). Traditionally, the Income Tax Act allowed businesses to clai... "

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28 Mar, 2024

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PKP Consult Explains: Section 35AC Tax Benefits for Businesses

Category : Income Tax

" Did you know your business can contribute to social good while saving on taxes? Section 35AC of the Income Tax Act, of 1961, offers a unique opportunity for corporate as well as other non-corporate donors businesses to claim tax deductions for donations made to approved organizations. This blog... "

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26 Mar, 2024

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Don't Overpay! Vital Income Tax Planning Tips for Salaried Employees in India

Category : Income Tax

" Time to Save! Smart Tax Planning Tips for Salaried Employees in 2024. March 31st, 2024, is fast approaching – the deadline for filing your income tax return in India! But before that, there's a golden opportunity to maximize your take-home pay through smart tax planning. Wondering how? L... "

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26 Mar, 2024

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The Essential Guide to NRI Tax Matters in 2024

Category : Income Tax

" Managing the intricacies of Indian tax regulations can be a significant challenge for Non-Resident Indians (NRIs). Juggling financial responsibilities across borders and adhering to changing tax laws requires a clear understanding of your NRI tax status and obligations. PKPConsult, your trusted p... "

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12 Mar, 2024

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Income Tax Compliance in India: Navigating the Tax Landscape

Category : Income Tax

" Income Tax Compliance in India, or the act of paying taxes as required by the Income Tax Act of 1961, is a crucial component of the Indian taxation system. Maintaining financial openness, increasing national revenue, and avoiding legal repercussions all depend on compliance with income tax legislati... "

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01 Aug, 2023

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