Ever hired a freelancer, consultant, or creative professional for your business and wondered if there’s any tax implication tied to their fees? Whether it’s a lawyer drafting contracts, a designer creating your brand logo, or a coach conducting a training session for your team, these professional services don’t just come with invoices; they often come with a tax responsibility too.

This is where Section 194J of the Income Tax Act enters the picture. It governs the Tax Deducted at Source (TDS) on payments made for professional and technical services. But did you know this section has two important sub-sections: 194J(a) and 194J(b), each dealing with different types of services and rates of deduction? Let’s focus on Section 194J(b), which specifically deals with fees paid for professional services, and what you need to know to stay compliant.

Securing the financial future for loved ones is the paramount concern for someone with dependents. There are several term insurance options available for individuals seeking a secure financial future for their loved ones. Among them, a 30-year term life insurance policy stands out as a strategic tool with a long-term solution. This guide will walk you through everything you need to know about a 30-year term life insurance policy.

Health insurance is supposed to have your back when life throws something unexpected your way. What if your health insurance claim rejected when you need it the most? Such a situation is indeed stressful. Still, it cannot be the end. Claims get denied mostly because of simple mistakes of policyholders. Maybe you have forgotten a document or are not clear about your policy. However, you can fix it. Here is a detailed guide to help you out.

Paying taxes on time is a duty of every individual who falls in the taxable income category. For better functioning of the system, the government of India has put dedicated laws in place. If a person fails to pay the taxes on time, penalty is levied under Section 234B of the Income Tax Act. It includes penalties and fines which is charged against the taxpayers for not paying or underpaying their advance tax within the due time. These are imposed on individuals, companies, as well as organisations that are mandated to pay advance tax.

Capital gains are applicable if any capital assets such as stocks, mutual funds, property, gold, etc. is sold at a profit. Selling a capital asset with a short time such as within a year of purchase, typically results in taxation under short term capital gains or STCG tax rules. In the following sections we will discuss STCG tax rates and rules for different asset classes