Section 194I: An Overview of TDS on Rent TDSMANJanuary 30, 2025No Commentson Section 194I: An Overview of TDS on Rent Section 194I of the Income Tax Act outlines the rules for deducting TDS on rent. This provision primarily applies to those paying rent for properties, machinery, or other...
Section 194C: Payment to contractor/sub-contractor. a) Individuals/HUF b) Others 1% 2% Section 194D: Insurance commission 5% Section 194DA: Payment of any sum in respect of a life insurance policy.w.e.f. 1st September 2019, the insurer shall deduct tax (TDS) on the income portion ...
Deducting TDS on the total invoice value vs. the taxable value under section 194Q Set up TDS under section 194 Q 显示另外 9 个 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...
Income from mutual fund or UTI (Under section 194F) Commission, Remuneration, Prize etc., on sale or lottery (Under section 194G) Payment of Commission or brokerage (Under section 194H) Rent (Under section 194I) Professional service (Under section 194J) ...
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
For example, According to the rules and regulations of Section 194J of the Income Tax Act, 1961, a person must deduct their Tax Deducted at Source (TDS) only at the rate of 10% when certain payments are made to a certain resident. ...
Section NumberSourcePayee TypeThreshold LimitTDS Rate 192Salary PaymentIndividualBasic exemption limits as per the income tax slab rates.Rates of Income Tax in force. 193Interest on securitiesResident-10% 194Deemed DividendResident IndividualRs. 2500 each Financial year.10% ...
I want to amend the TDS sec from 194 oo 94j for legal fees paid, for q3 of fy 2020-21 I have downloaded th JR report file Reply thomas February 13, 2021 at 7:25 pm I have to change the section code of commission paid in the 26Q of quarter 3 of 2020-21. I have already do...
Topic 1 - Issues under Domestic TDS & TCS provisions [TDS under Section 193, 194-O, 194R, 194-Q, 194BA, 194J etc. TCS provisions u/s 206C(1G) and 206C(1H)] Topic 2 - Penalty, Prosecution and Compounding procedures under TDS/ TCS regime [Delayed filing of returns/ Delayed paymen...
In addition, Section 194P was recently included to oblige banks to withhold tax from elderly citizens (over 75) who receive a pension and interest income from the bank. Example of TDS Check this example on how TDS work: Nature of Payment: Professional Fees Specified Rate: 10% If Mr. A ...