Income from Units (Under section 194K) Payment of compensation on acquisition of certain immovable property (Under section 194LA)Non-residentsPayments to Non-resident sportsmen or sports association (Under section 194E) Other sums (Under section 195) Income in respect of units of non-residents ...
Under section 194Q, the point of taxation for the buyer is the invoice amount that is credited to the account of the seller, or the payment that is made to the seller (whichever occurs earlier). The TDS amount must be deducted on the amount that exceeds the threshold limit. For example...
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...
TDS on FD interest income is calculated at 10% of the interest earned if it exceeds a certain threshold. For individuals under 60, the threshold is ₹40,000, while for senior citizens, it is ₹50,000. If your total taxable income is below the exemption limit, you can avoid TDS dedu...
I had plotted incorrect deduction under section 16 in 24Q. For offline correction, I had followed following steps 1. Requested & downloaded conso file from traces 2. Made required changes & saved the same 3. For generating fvu, had used create option & selected csi file in browse 1, in ...
Yes, according to section 195. You can file an application with the officer in charge of non-resident taxation if you have any doubts about the TDS deducted amount. Alternatively, if the recipient believes the TDS is excessive, he may file a non-deduction application with his Assessing Officer...
If you are an NRI, you would have to file your income tax returns if you fulfil either of these conditions which fall under section 115G Your taxable income in India during the Financial yeas was above the basic exemption limit (which for FY 2013-14 is Rs 2 lakh) ...
The SUM function is a built-in function, categories under the Math/Trig Function. This adds each value in a range of cells before returning the total. Select the second cell G5, and put the formula into that selected cell. =SUM(D5:F5) Hit the Enter key to see the outcome. Drag ...
Discussing the FAQs about the requirement to deduct TDS on purchase of goods with effect from 01-07-2021 with a distinction between the new Section 194Q and Section 206C(1H).
Tax deduction at Source TDS has been one of the vital tools of revenue collection for the Government To avoid any leakage and non compliance onerous consequence