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Section 197 of the Income Tax Act, 1961, offers taxpayers the facility to request NIL deduction of tax at source or deduction at a lower rate of tax. To avail of this benefit, an assessee expecting TDS deductions on certain receipts must submit an application to the TDS Assessing Officer with jurisdiction over their case. [...]

As global movement increases and more Indians work overseas, the taxation rules for Non-Resident Indians (NRIs) have become increasingly complex. If you're an NRI or planning to become one, it’s essential to understand how taxation works in both India and your country of residence. This guide provides an in-depth look at the tax implications for [...]

To simplify tax collection, the Income Tax Department mandates TDS deductions for certain property transactions. According to the Finance Act, 2013, individuals or HUFs purchasing property worth ₹50 lakh or more must deduct TDS while making payments to the seller. This tax must be deposited using Form 26QB within the specified timeframe. Here’s a comprehensive [...]

As a property owner in India, understanding the tax implications of rental income is essential. The Income Tax Act of 1961 outlines specific parameters for calculating the total taxable income from rental properties, with the gross annual value (GAV) being the starting point. This article provides an in-depth overview of the various income types, calculation [...]