Section 194M: TDS Rules for Payments to Resident Contractors
Section 194M: TDS Rules for Payments to Resident Contractors & Professionals Explained In Budget 2019, some important changes were made to income tax rules, including updates to existing sections and the introduction of new TDS provisions. Two key additions were:Section 194M – TDS will be deducted when making payments to resident contractors and professionals. Scroll […]
TDS Rate Chart for FY 2025-26 (AY 2026-27)
TDS Rate Chart for FY 2025-26 (AY 2026-27) TDS stands for Tax Deducted at Source. It is a way for the government to collect taxes when income is paid. When making certain payments, like salary, rent, or professional fees, the payer must deduct a small portion of tax before paying the receiver. This deducted amount […]
Penalties Under Income Tax Act in India
Penalties Under Income Tax Act in India Paying taxes on time and filing returns regularly help the government fund public services. To make sure people don’t delay or hide important details in their tax filings, the Income Tax Act has several penalties in place. These penalties act as a warning or punishment for not following […]
How to Pay Advance Tax? Due Dates, Calculator & Installment Guide
How to Pay Advance Tax? Due Dates, Calculator & Installment Guide Advance tax is the tax you pay in parts on income that come from your salary, business, profession, rent and other sources. This includes earnings from rent, capital gains, lottery winnings, fixed deposits, and other sources. Instead of paying it all at once, you […]
Key Announcement in RBI MPC Meeting 2025 Held on 7.2.2025
Key Announcement in RBI MPC Meeting 2025 Held on 7.2.2025 Repo Rate The Monetary Policy Committee (MPC) of RBI decided unanimously to reduce the repo rate, which the RBI lends to other banks, by 25 basis points from 6.50 percent to 6.25 percent.This is the first rate cut initiated by the RBI in five years, […]