The Hindu Undivided Family (HUF) is a unique concept in Indian taxation and inheritance laws. It represents a distinct entity that is separate from its individual members, with its own income, assets, and liabilities. While the concept is deeply ...
The Income Tax Act, 1961 introduces various provisions regarding tax deduction and collection at source. Among these, sections 194Q and 206C(1H) have gained significant attention in recent times. Both provisions deal with tax on business transac ...
Depreciation is a crucial accounting concept that reflects the reduction in value of a fixed asset over time due to usage, wear and tear, or obsolescence. Both the Companies Act, 2013 and the Income Tax Act, 1961 address depreciation, but they d ...
Tabular Summary based on the Key Provisions: AspectTDS (Tax Deducted at Source)TCS (Tax Collected at Source)Relevant SectionsChapter XVII-B, e.g., Sections 192, 194, 206AAChapter XVII-BB, e.g., Sections 206C, 206CC, 206CCAApplicable OnPayment ...
Eligibility: Applicable to Assessees: Indian companies or individuals, HUFs, partnerships, or other entities engaged in business. Assessee must have income from business and must be liable for audit under Section 44AB (Tax Audit). E ...
