Section 80C of the Income Tax Act, 1961, is one of the most popular tax-saving provisions for individuals and Hindu Undivided Families (HUFs) in India. It allows taxpayers to reduce their taxable income by up to ₹1.5 lakh per financial year by investing in specified financial instruments. Apart from lowering tax liability, these investments can […]
Tax Deducted at Source (TDS) plays a crucial role in India’s tax collection system, ensuring taxes are deducted at the time salaries are paid. Under Section 192 of the Income Tax Act, employers are required to deduct TDS from salaries if an employee’s projected annual income exceeds the prescribed exemption limits. This mechanism helps in
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
