Under Section 194-IA of the Income-tax Act, 1961, any person (buyer) responsible for paying consideration for the transfer of an immovable property—such as a house, apartment, building, or land (other than agricultural land)—is required to deduct Tax Deducted at Source (TDS) at the time of payment to the seller. Rate of TDS The buyer must…
Under the advance tax system, income tax is required to be paid during the financial year in which the income is earned, rather than at the time of filing the Income Tax Return. This ensures a steady collection of taxes by the government and reduces the burden of lump-sum payment at year-end. As per the…
When an individual sends money abroad, the transaction may attract Tax Collected at Source (TCS), commonly referred to as foreign remittance tax in India. As per Section 206C(1G) of the Income Tax Act, 1961, banks and other Authorized Dealers (ADs) are required to collect TCS at the prescribed rates at the time of transferring funds…
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