Section 194Q of the Income Tax Act was recently introduced vide the Finance Act, 2021. Section 194Q states, “It is provided for TDS by the person responsible for paying any sum to any resident for purchase of goods. The rate of TDS is kept very low at 0.1%. The tax is only require...
Payment of Commission or brokerage (Under section 194H) Rent (Under section 194I) Professional service (Under section 194J) Income from Units (Under section 194K) Payment of compensation on acquisition of certain immovable property (Under section 194LA) ...
Section 194I of Income Tax Act Types of Income Tax Return (ITR) in India Section 148 of Income Tax Act Section 44AD of Income Tax Act What is Form 16 of Income Tax? HUF GST Registration: Meaning, Process and Documents Required How to e-Verify Your ITR Online? Profit Before...
TDS stands forTax Deducted at Sourceis tax levied on any income or profit on periodic intervals by the Indian authorities. As per provision of the Income Tax Act 1961,income taxmust be deducted at origin or source before paying the accounting balance to the individual (payee). Moreover, ever...
194S TDS on the payment of any crypto or other virtual asset NA 1% 1% 206AA TDS for non-availability of PAN NA At a rate higher of Specified rate as per the act 20% Rate in force 20% 206AB TDS on non-filers of Income tax return NA Rate higher of: 5% Twice the mentioned rate...
Further, sec 194A, 194C, 194H, 194I, and 194J have been amended by Finance Act, 2020. Now, individual or HUF having turnover/ gross receipts of more than Rs. 1 crore in case of business and more than Rs. 50 Lakh in case of the profession during the preceding financial year shall...
The respondent (assessee) is required to have deducted tax under Section 194I of the Income Tax Act, 1961, from the storage charges paid by the taxpayer, The Bombay High Court ruled. The bench of Justice K. R. Shriram and Justice Sharmila U. Deshmukh not
Non-salaries – Form 16A: In case of Non-Salaries,FORM 16Ais issued containing the Tax deducted & Paid details. Separate certificates should be prepared for each Section(ex:194C, 194J). This refers to the details submitted overForm 26Qand27Q. ...
payments under section 194J Businesses need to deduct tax at source for payments made to resident professionals like lawyers, CAs, writers, designers and consultants among others. Following payments are covered under section 194J : Fees for technical services including consulting fees ...