Kresnier Perez

The home loan interest tax deduction is a federal tax benefit that permits homeowners in the United States to deduct mortgage interest payments from their taxable income. This deduction applies to interest paid on mortgages for primary residences and second homes. The policy was designed to promote homeownership by reducing the effective cost of borrowing […]

The deduction of interest on housing loans is a significant financial benefit that can alleviate the burden of homeownership. In many countries, tax laws allow homeowners to deduct the interest paid on their mortgage from their taxable income, which can lead to substantial savings. This deduction is particularly advantageous in the early years of a

Section 194I of the Income Tax Act, 1961, establishes the framework for tax deduction at source (TDS) on rent payments in India. Under this provision, any person paying rent exceeding ₹2.4 lakh per annum to a resident individual or Hindu Undivided Family (HUF) for the use of land, building, or furniture must deduct TDS at

Section 194I of the Income Tax Act, 1961, establishes the framework for tax deduction at source (TDS) on rent payments made to residents in India. This provision requires payers to deduct tax when making rent payments exceeding specified threshold limits to Indian residents for the use of land, buildings, furniture, fittings, or other assets. The

Section 194C of the Income Tax Act, 1961, mandates tax deduction at source (TDS) on payments made to contractors and sub-contractors. This provision requires the payer to deduct tax from payments before remitting the amount to the contractor, with the deducted tax being deposited with the government. The section applies to various business sectors where

Section 43B of the Income Tax Act, 1961, is a crucial provision that addresses the timing of deductions for certain expenses incurred by taxpayers. This section was introduced to ensure that certain liabilities are recognized only when they are actually paid, rather than when they are accrued. The rationale behind this provision is to prevent

Section 194IA of the Income Tax Act, 1961, requires Tax Deducted at Source (TDS) on transfers of immovable property. Implemented to capture tax revenue from real estate transactions, which have been a notable source of undeclared income, this provision specifically applies to property sales valued at Rs. 50 lakhs or more. The section aims to

Section 194IB of the Income Tax Act, 1961, governs Tax Deducted at Source (TDS) on rent payments. This provision aims to ensure tax compliance by landlords on their rental income. According to this section, individuals or Hindu Undivided Families (HUFs) not subject to account audits must deduct 5% TDS when rent payments exceed ₹50,000 per

Section 194Q of the Income Tax Act, introduced in the Finance Act of 2021, mandates the deduction of tax at source (TDS) on the purchase of goods. This provision was implemented to enhance tax compliance and widen the tax base in India. Under this section, any buyer who purchases goods worth more than a specified

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