Section 194IA: TDS on transfer of immovable properties

Section 194IA has been introduced in the Income Tax Act, 1961 (ITA) w.e.f. 01.06.2013 which prescribes rules regarding TDS on transfer of immovable properties ( other than agricultural land). A) Widening of Tax Base and Anti-Tax Avoidance Rules Background There is a statutory requirement under section 139 A of the Income Tax Act to quote the Permanent Account Number (PAN) in documents pertaining to purchase or sale of Immovable Properties for value of Rs. 5 Lakhs or more. However, during the financial year 2011-12, the information furnished by the Registrars and sub-registrars under the Annual Information Report for purchase...

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What are the liquid funds? Are you aware ? Well, the Indian Markets are flooded with the new schemes like mutual funds and other short term instruments to make the investment of the people lucrative and to boost the confidence of investor in the Indian Market. In the same way, the Liquid Funds emerged, which are basically a very short term schemes to earn the incomes. INTRODUCTION: Liquid funds Liquid Funds are the open-ended high liquidity income schemes that invest its money in debt and money market instruments with the maximum maturity period of about 91 Days. They are...

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TDS on Service tax : No more confusion

No TDS on service tax on payments made/ due to resident payee if service tax component is indicated separately in the agreement/ contract. Supporting decision about NO TDS on service tax : In the recent verdict of the Hon’bleRajasthan High Court, the Commissioner of Income Tax (TDS), Jaipur Vs. M/s. Rajasthan UrbanInfrastructure held that if the terms and conditions of the agreementbetween the payer and the payee has already been agreed for, the amount of service tax will be paid separately and not to be included in the fees forprofessional services or technical services, than no TDS isrequired to...

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What is mutual fund : learn basics before investing

We many times get advice that investment in mutual funds gives huge return. What is mutual fund and how does it work? You need to learn some basics of mutual funds before investing. Read the post to understand upsides and downsides of the mutual funds investing and how choose the products that matches the investor financial goals and risk tolerability. What is mutual fund ? What Over the years, the investors have turned to Mutual Funds to save for the retirement and other financial goals such as child education, buying a House, Automobile Purchase etc. Well, the Mutual Funds can...

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