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 ...
Income Tax Provisions on Sale of Listed Equity Shares: Short-Term Capital Gains (STCG): Applicable if shares are held for 12 months or less. Tax Rate: 20% (under Section 111A) + surcharge + cess. Condition: Sale must take place on a rec ...
Section 79 of the Income Tax Act pertains to the carry forward and set-off of losses in case of certain companies, primarily addressing restrictions on carrying forward losses when there is a change in the company's shareholding. Below is a summ ...
