India is gearing up for one of its most significant tax reforms in decades — the Direct Tax Code (DTC) — set to replace the Income Tax Act of 1961. Slated for implementation by April 2025, the DTC aims to simplify tax laws, widen the taxpayer base, and bring India’s taxation framework closer to global […]
Tax Deducted at Source (TDS) plays a vital role in India’s taxation framework, ensuring tax is collected at the time of payment. For businesses and individuals dealing in commission and brokerage, Section 194H of the Income Tax Act is particularly important. It mandates deduction of TDS before payments are made, improving transparency and preventing tax
Section 80C of the Income Tax Act, 1961, is one of the most widely used tax saving provisions for individual taxpayers and Hindu Undivided Families (HUFs) in India. It allows a deduction of up to ₹1.5 lakh from taxable income every financial year through investments or payments in eligible schemes. In addition to lowering tax
Section 194C of the Income Tax Act, 1961, lays down the rules for tax deducted at source (TDS) on payments made to contractors and sub-contractors in India. It ensures taxes are collected efficiently before the payment reaches the recipient, helping the government maintain compliance across industries. For businesses that frequently hire contractors for services, understanding
