Section 193 deals with tax deducted on interest on securities. Any person making payment to the resident in respect of interest on securities as defined in clause 28B of Section 2 shall deduct TDS at the time of payment or credit to the books of accounts whichever is earlier. Tax shall be deducted @ 10%.… Read More »
Section 194 deals with the deduction of tax at source on payment of dividends by any domestic company to resident shareholders. In case of dividend payable to non-resident shareholders, tax is deducted at source u/s 195. (adsbygoogle = window.adsbygoogle || []).push({}); Dividend means dividend on equity or preference shares, or it may also be deemed… Read More »
TDS u/s 194H is applicable to the person paying commission or brokerage to a resident exceeding Rs. 5,000/- per annum. TDS has to be deducted @10%, at the time of credit or payment whichever is earlier. S. 194H will not be applicable to the person who is an individual or an HUF whose gross receipts or… Read More »
The person responsible for paying any income by way of commission, remuneration or Prize on lottery ticket has to deduct tax @ 10% at the time of credit to the recipient account, or at the time of payment in cash or issue of cheque/draft any other mode, whichever is earlier. However no tax is to… Read More »
Insertion of new section 194LB: After section 194LA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June 2011. Where any interest is payable by an infrastructure debt fund referred to in S. 10(47), to a non-resident which is not a company, or is not a foreign… Read More »
Section 194D deals with Tax deduction on payment of insurance commission. It is applicable on any person paying any income to a resident by way of remuneration or reward, whether by way of commission or otherwise, for procuring insurance business including business relating to the continuance, renewal or revival of policies of insurance. Person responsible… Read More »
Section 194I deals with tax deducted at source on payment of rent. TDS has to be deducted where the total amount paid or credited to the account of the recipient exceeds Rs. 1, 80,000 during the financial year. Any person making payment of rent to resident shall be liable to deduct tax at source under… Read More »
Section 194C deals with Tax deducted on payments to contractors and sub-contractor. Any person responsible for making any payment to a resident contractor for a contract to carry out any work has to deduct TDS under section 194C. Tax should be deducted at the time of credit or payment whichever is earlier. Work for Section… Read More »
Taxation of a non-resident entertainer, sports person etc. Section 115BBA of the Income Tax Act provides a concessionary tax regime in the case of income of sports persons who are non-citizen and non-resident. The provision covers income received by way of participation in any game or sport, advertising or contribution of article in any newspaper… Read More »
Section 195 of the Income Tax Act provides for tax deduction at source from payment of interest or any other sum chargeable under the provisions of the Income-tax Act (other than salaries or dividend specified in S. 115-O) to a non-resident or a foreign company at the prescribed time at the rates in force. Where… Read More »