including sale of property.TDS on sale of property is applicable under Section 194-IA of the income tax law. However, buyers and sellers need not worry about TDS implications at all if the property value is up to Rs 50 lakh. On property deals involving more than Rs 50 lakh, TDS on pro...
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...
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) Income from Units (Under section 194K) Payment of compensation on acquisition of certain imm...
All TDS returns, including all payment challans and certificates, must include the Tax Deduction Account Number (TAN) as required by section 203A of the Income Tax Act, 1961. Further, the Internal Revenue issues the TAN. Also, you can obtain it by filing Form 49B. 4. TDS payment requires...
Key Attributes of Form 26QB Under TDS Section 194-IA In the Income Tax Act, 1961 few key rules have been framed that are related to the purchase and sale of immovable property. In the aforesaid transactions that come within the domain of Section 194-IA, the buyer (who is also called th...
Additionally, cleaning the tank can help prevent the growth of harmful microorganisms, which can have a detrimental impact on local ecosystems if released into the environment. In the following section, we will discuss the key takeaways of the environmental benefits of regular water tank maintenance...
Section 194G: Payments such as commission, etc., on the sale of lottery tickets 5% Section 194H: Commission or brokerage 5% Section 194-I: Rent on a) Plant and Machinery b) Land/building/furniture/fitting w.e.f 1st April 2019, tax deduction limit on rent is increased to Rs 2.4 la...
Flow of TDS Deduction is shown in figure below(Click on image to enlarge) TDS Flow Credit of TDS Under Section 199 of Income Tax Law 1961, when tax has been deducted at source from any payment of income receivable, credit will be given to theDeducteewhile calculating the net tax payable...
26 Compensation on transfer of certain immoveable property than Agriculture Land 194LA 250,000.00 10% 10% 20% 27 Payment of any income in respect of:a) Units of a Mutual Fund as per Section 10(23D) b) The Units from the administrator c) Units from specified company(w.e.f. 01.04.2020...
No, this is not to scare you into thinking that a scary notice from the ITD is on its way once you have filed your ITR. However, it is important to stay alert. You will receive anIntimation under section u/s 143(1)which will include details about your TDS deducted, Total tax paid,...