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Provision Summary: Under Section 194-IB of the Income Tax Act, individuals or Hindu Undivided Families (HUFs) not liable to tax audit must deduct TDS when rent paid exceeds ₹50,000 per month. Example: If you pay ₹60,000/month rent, total annual rent = ₹7,20,000 TDS = 5% of ₹7,20,000 = ₹36,000 You deduct and deposit ₹36,000 to […]

✅ Introduction Brief on the two available tax regimes:        Old Tax Regime        New Tax Regime (default from FY 2023-24 onwards) Importance of choosing the right regime based on income, deductions, and financial planning. 🏛️ Overview of Tax Regimes Old Tax Regime Allows most exemptions and deductions Examples: 80C, 80D, HRA, LTA, home loan