Kresnier Perez

Section 194IA of the Income Tax Act, 1961, is a provision that mandates tax deducted at source (TDS) on rent payments, not a deduction clause for landlords. This section requires tenants to deduct tax at 10% when paying rent exceeding ₹50,000 per month to resident landlords. The provision was introduced to bring rental transactions into […]

Section 54F of the Income Tax Act, 1961, provides tax relief to individuals and Hindu Undivided Families (HUFs) who sell long-term capital assets and invest the proceeds in residential property. This provision promotes housing investment and contributes to economic growth by reducing tax burdens when taxpayers reinvest capital gains into new residential properties, thereby encouraging

The new tax regime, implemented across multiple jurisdictions, restructures existing tax systems by reducing tax rates while eliminating numerous deductions and exemptions. The Tax Cuts and Jobs Act of 2017 exemplifies this approach in the United States, where corporate tax rates decreased from 35% to 21%, and individual tax brackets were modified with generally lower

Section 80EEA Tax Benefit: Promoting Affordable Housing in India Section 80EEA of the Income Tax Act of India provides a tax deduction of up to ₹1.5 lakh on home loan interest payments. This benefit exists in addition to the ₹2 lakh deduction available under Section 24(b) for self-occupied properties. Introduced to stimulate affordable housing, this

Section 80TTA of the Income Tax Act of India provides a deduction for interest income earned from savings accounts. This provision applies to individuals and Hindu Undivided Families (HUFs) who maintain savings accounts with banks, post offices, or cooperative banks. Taxpayers can claim a maximum deduction of ₹10,000 per financial year on interest earned from

Tax Deducted at Source (TDS) is a tax collection mechanism implemented by the Indian government to collect income tax directly from the source of income generation. Under this system, the payer deducts a predetermined percentage of tax from payments made to recipients before disbursing the funds. This approach ensures systematic tax collection and minimizes tax

Section 80GG of the Income Tax Act, 1961, provides a deduction for rent payments made by individuals who do not receive house rent allowance (HRA) from their employers. This provision serves taxpayers residing in rented properties who lack access to HRA benefits typically provided to salaried employees. The deduction reduces taxable income and consequently lowers

Establishing clear goals and priorities is the cornerstone of effective time management. Without a defined direction, individuals often find themselves adrift, reacting to tasks as they arise rather than proactively managing their time. To set clear goals, it is essential to employ the SMART criteria—ensuring that goals are Specific, Measurable, Achievable, Relevant, and Time-bound. For

Form 8995 is a crucial document for taxpayers who are eligible to claim the Qualified Business Income (QBI) deduction, a provision introduced by the Tax Cuts and Jobs Act of 2017. This form is specifically designed for individuals, partnerships, S corporations, and certain estates and trusts that have qualified business income. The QBI deduction allows

Income tax exemptions refer to specific amounts of income that are not subject to taxation, allowing individuals and entities to reduce their taxable income. These exemptions can significantly lower the overall tax burden, making them a crucial aspect of tax planning. The concept of income tax exemptions is rooted in the idea that certain types