Tax deduction What is TDS? TDS stands for Tax Deducted at Source. It is a system introduced by the Income Tax Department of India to collect tax at the origin of income. According to this system, a person (referred to as the deductor) responsible for making certain payments (like salary, rent, professional fees, etc.) is… Read More »
What is meant by net proceeds in taxation In taxation, the term “net proceeds” refers to the amount of money left after all allowable deductions, expenses, and costs have been subtracted from the total gross income or gross proceeds. The concept of net proceeds is essential for both individuals and businesses because it determines… Read More »
What is the Meaning of Corporate Assessee and Non-Corporate Assessee? Introduction Taxation plays a crucial role in a country’s economic system, ensuring revenue generation for developmental activities. In India, tax laws classify taxpayers into various categories based on their legal structure and operations. Among these classifications, corporate and non-corporate assessees stand out as two primary… Read More »
Difference between TDS and Form-16 Difference between TDS and Form-16, Tax Deducted at Source and Form 16 are related to each other, but they are different concepts. Tax is the tax amount that is deduct by the person responsible for making the payment (the deductor), at the time of making the payment, from the income… Read More »
