Tag Archives: #IncomeTaxAct1961

Q204 Difference between 80C vs 80CCD: Why is the difference between 80C and 80CCD in the Income Tax Act?

Difference between 80C vs 80CCD

Difference between 80C vs 80CCD Website Link: Difference between 80C vs 80CCD: Section 80C and 80CCD of the Income Tax Act, 1961 offer tax deductions to individuals on specific investments in financial instruments. Under Section 80C, individuals can claim a deduction of up to Rs. 1.5 lakh for investments in various financial instruments such as… Read More »

What is section 195 of Income Tax Act 1961?

Income Tax Act 1961

  Income Tax Act 1961   Income Tax Act 1961, Section 195 of the Income Tax Act, 1961 addresses the matter of Tax Deduction at Source (TDS) on payments made to non-residents. This provision is applicable to individuals, companies, and firms who are responsible for making payments to non-residents. According to this section, if any payment… Read More »