This TDS rate chart 2026-27 compares the old and new section codes in simple terms, so students and businesses can find the provision relevant to each payment. From 1 April 2026, TDS provisions are governed by the Income-tax Act, 2025. Many separate sections from the Income-tax Act, 1961 are presented in tables under the new Act. This guide helps you find the corresponding provision and understand the basic rate. First, what is TDS? TDS means Tax Deducted at Source. In certai

Running a business takes a lot of work. One of the most important tasks is paying the people who work for you. In the business world, this whole process is called payroll. Getting payroll right is not just about keeping your workers happy. It is also about following the law. If you are a student, a new business owner, or just want to learn how it works in India, this simple guide will explain the basics without any confusing jargon. What is Payroll Exactly? In simple terms,

The GST portal has a new feature called the Invoice Management System (IMS). It helps businesses check their purchase bills before claiming tax credit. While checking this new dashboard, many people see some bills highlighted in a yellow color. Understanding the Yellow Color in GST IMS is important because it shows you exactly which bills require your immediate attention before you file your monthly returns. If you see a yellow bill on your screen, don't worry! It is not a sy

Applicability of Section 194A - TDS on Interest (Other than Securities): TDS applicable on interest (other than on securities) paid to...

The Finance Act, 2020 brought significant changes to the taxation of dividend income by amending Section 194 of the Income Tax Act,...

TDS on Interest on Securities TDS (Tax Deducted at Source) is applicable when interest is paid on securities like government bonds,...

Section 192A of the Income Tax Act, 1961, regulates TDS on EPF Premature Withdrawals to ensure tax compliance on early withdrawals while...

In our previous article Tax Deducted at Source (TDS) under the Income Tax Act, we explored how TDS functions as a mechanism where tax is deducted at the time of making specified payments. The deducted tax is then deposited with the Central Government on behalf of the recipient. The Income Tax Act prescribes different TDS rates for various types of payments, including salaries, interest, professional fees, rent, and commissions. These rates may be revised periodically based on

Tax Deducted at Source (TDS) is a system designed to collect tax directly at the point of income generation. It requires a person,...

In a previous discussion, we explored the classification of journals into several categories. Recording journal entries in accounting...

A journal serves as the primary book of accounts where all business transactions are recorded systematically in chronological order. Each...

We have now reached the practical demonstration of the accounting process. It is crucial to understand how books of accounts are prepared...