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Tax deduction at source. Tax deduction at source (TDS) is an Indian withholding tax that is a means of collecting tax on income, dividends, or asset sales by requiring the payer (or legal intermediary) to deduct tax due before paying the balance to the payee (and the tax to the revenue authority). Under the Indian Income Tax Act of 1961, income ...
This new law on TDS on cash withdrawal has come into effect from July 1, 2020. As per the provisions of section 194N of Income Tax Act, if a person withdraws more than 1 Crore from the specific payers, then the payers will deduct TDS on such transaction and deposit it. See also. Bank transaction tax; Currency transaction tax; References
Tax Deduction and Collection Account Number. In India, a Tax Deduction and Collection Account Number ( TAN) is a 10 digit alpha-numeric number issued by the Income Tax Department to the persons who are required to deduct or collect tax on payments made by them under the Indian Income Tax Act, 1961. [1]
But if you receive unexpected income — such as a bonus — you should consider increasing your withholding. You can apply one of the IRS's two conditions — known as the safe harbor — to ...
The second, a lifetime learning credit, can be used toward an undergraduate, graduate or professional degree and is for up to $2,000 (based on 20% of qualified education expenses.)
When tackling your taxes, it can sometimes be hard to figure out whether to opt for a standard deduction or itemize. According to tax pros, itemizing generally only makes sense if your itemized ...
A recurring deposit is a special kind of term deposit offered by Indian banks and Post Office [1] which helps people with regular incomes to deposit a fixed amount every month into their recurring deposit account and earn interest at the rate applicable to fixed deposits. [2] It is similar to making fixed deposits of a certain amount in monthly ...
As part of the home office deduction, you can write off some of your utility expenses, taxes, insurance, repair, and depreciation. There are two ways to figure out how much to deduct: Simplified ...
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