S. 206C of the Income Tax Act, 1961 (‘Act’ for short) deals with the tax collected at source. S. 206CA of the Act deals with the obtaining of tax collection account number. Every person collecting tax as per the provisions of 206C shall apply for a Tax collection account number to the Assessing officer. After the… Read More »
Section 194K deals with tax deducted at source on any income which is payable to a resident in respect of units of Mutual Fund specified u/s 10(23D) or of the UTI. TDS shall be deducted @ 10% on payment or credit whichever is earlier. However no TDS will be deducted if the amount does not… Read More »
The Changes proposed by the Budget 2015-16 (Finance Bill 2015) related to deduction of tax at source under Chapter XVII of the Income tax Act, 1961 are as under, some of these amendments takes effect from 01.04.2015 and other have taken effect from 01.06.2015. 1. S. 194A amended to expressly provide that from 1st June, 2015 the… Read More »
TDS is one of the forms of collecting tax. It is based on the scheme “Pay as you earn”. Tax must be deducted at the time of payment in cash or cheque or credit to the payee’s account whichever is earlier. Payee’s account refers to deductee’s account in this case. The updated chart of tax… Read More »
Old Provisions under the Income Tax Act, 1961: For providing a concessional rate of TDS in respect of interest income arising from rupee denominated bonds or government securities, a separate S. 194LD is inserted. This section provides for concessional rate of TDS in respect of interest on such bonds and government securities payable to FIIs and QFIs during the… Read More »
Section 194EE deals with tax deducted at source on payment in respect of deposits under National savings scheme. Where any payment is made by a person of an amount referred to in clause (a) of sub-s. (2) of S. 80CCA, then such person is required to deduct tax @ 20% there on at the time of making… Read More »
Any sum payable to a resident in excess of Rupees thirty thousand during a financial year has to compulsorily deduct TDS @ 10% on the entire amount for the following payments; (a) fees for professional services, or (b) fees for technical services[or] (c) royalty, or (d) any sum referred to in clause (va) of section 28… Read More »
Section 196C deals with the tax deducted at source on the income from foreign currency bonds or shares of Indian company. Any income which is payable to a non-resident by way of interest or dividends in respect of bonds or Global Depository Receipts(GDR’s) as referred in Section 115AC by way of long term capital gain… Read More »
Section 196A deals with Tax deducted at source on income in respect of units of mutual fund specified under clause 23(D) of S. 10 or UTI. Any person making payment of units of mutual fund or UTI to any non-resident (not being a company) or a foreign company shall deduct tax @ 20% at the time of… Read More »
114E. Furnishing of statement of financial transaction. (1) The statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in respect of a financial year in Form No. 61A and shall be verified in the manner indicated therein. (2) The statement referred to in sub-rule… Read More »