Form 26QC: TDS on Rent Exceeding ₹50,000
With the rising costs of luxury housing and commercial spaces in metro cities, many individuals find themselves paying monthly rents exceeding ₹50,000. Under the Income Tax Act, such payments trigger specific Tax Deducted at Source (TDS) obligations under Section 194-IB. Unlike corporate tenants, individual tenants often lack a Tax Deduction Account Number (TAN), which is [...]
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Composition Scheme Registration Under GST
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Form 26QB: A Comprehensive Advisory On Tds For Immovable Property
When you buy a property in India worth ₹50 Lakhs or more, you aren't just a buyer—you effectively become a "tax collector" for the government. To ensure transparency in real estate, the law shifts the responsibility of deducting tax (TDS) onto the buyer’s shoulders. This process is completed using Form 26QB. Any lapse in timely[.....]
Deductions for Rent paid
When it comes to minimizing our tax liabilities, exploring various deductions and exemptions provided by the Income Tax Act is essential. One such provision that can benefit individuals who do not receive or who are not eligible for house rent allowances is Section 80GG. This section allows taxpayers to claim a deduction from the income[.....]
