While these payments provide essential financial support, they also have implications for taxes. It's essential for women receiving alimony to comprehend how these payments are taxed and how they can effectively manage their tax liabilities.
The BOI said it is in the process of filing an appeal before the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC) against the said order within the prescribed timelines.
The main difference between Income Tax and TDS is that the Income Tax is deducted from the payer’s overall profit or annual return, on the other hand, TDS refers to the tax deducted from the payer’s sources of income based on the expected tax liability