TDS on Interest on Government securities or rupee-denominated bonds of an Indian company payable to a Foreign Institutional Investor (FII) or a Qualified Foreign Investor (QFI) [Section 194LD] | AY 2019-20 onwards

Applicability and Rate of TDS Section 194LD provides that any income by way of interest payable during the period between 1.6.2013 and 30.6.2020 in respect of investment made by an FII or QFI in a rupee denominated bond of an Indian company or a …

by Ca Ankit Sharma 15/01/2019 under Income-Tax

TDS on income by way of interest from an Indian company [Section 194LC] | AY 2019-20 onwards

Concessional rate of tax on interest on foreign currency borrowings by an Indian company or business trust Interest paid by an Indian company or business trust to a foreign company or a non-corporate non-resident in respect of borrowing made in f…

by Ca Ankit Sharma 15/01/2019 under Income-Tax

TDS on Income by way of interest from Infrastructure Debt Fund [Section 194LB] | AY 2019-20 onwards

Special rate of tax on interest received by non-residents from notified infrastructure debt funds Interest income received by a non-corporate non-resident or a foreign company from notified infrastructure debt funds set up in accordance with the …

by Ca Ankit Sharma 15/01/2019 under Income-Tax

TDS on payment of compensation on acquisition of certain immovable property [Section 194LA] | AY 2019-20 onwards

Applicability Section 194LA provides for deduction of tax at source by a person responsible for paying to a resident any sum in the nature of – compensation or the enhanced compensation or the consideration or the enhanced considera…

by Ca Ankit Sharma 15/01/2019 under Income-Tax

TDS on fees for professional or technical services [Section 194J] | AY 2019-20 onwards

Applicability and Rate of TDS Every person, who is responsible for paying to a resident any sum by way of – fees for professional services; or fees for technical services; or any remuneration or fees or commission, by whatever nam…

by Ca Ankit Sharma 14/01/2019 under Income-Tax

TDS on payment under specified agreement [Section 194-IC] | 2019-20 onwards

Applicability and Rate This section casts responsibility on any person responsible for paying to a resident any sum by way of consideration, not being consideration in kind, under a specified agreement under section 45(5A), to deduct income-tax a…

by Ca Ankit Sharma 14/01/2019 under Income-Tax

TDS on payment of rent by certain individuals or Hindu undivided family [Section194-IB] | AY 2019-20 onwards

Applicability and Rate of TDS Section 194-IB requires any person, being an individual or a HUF, other than those individual or HUF whose total sales, gross receipts or turnover from the business or profession carried on by him exceed the monetary…

by Ca Ankit Sharma 14/01/2019 under Income-Tax

TDS on payment on transfer of certain immovable property other than agricultural land [Section 194-IA] | AY 2019-20 onwards

Applicability and Rate Every transferee responsible for paying any sum as consideration for transfer of immovable property (land, other than agricultural land, or building or part of building) to a resident transfer shall deduct tax, at the rate …

by Ca Ankit Sharma 14/01/2019 under Income-Tax

TDS on Rent [Section 194-I] | AY 2019-20 onwards

Applicability and Rate of TDS Any person who is responsible for paying to a resident any income by way of rent shall deduct income tax at the rate of: 2% in respect of rent for plant, machinery or equipment; 10% in respect of other rental…

by Ca Ankit Sharma 14/01/2019 under Income-Tax

TDS on commission or brokerage [Section 194H] | AY 2019-20 onwards

Applicability and Rate of TDS Any person who is responsible for paying any income by way of commission (other than insurance commission) or brokerage to a resident shall deduct income tax at the rate of 5%. However, an individual or HUF whose …

by Ca Ankit Sharma 11/01/2019 under Income-Tax

TDS on commission etc. on the sale of lottery tickets [Section 194G] | AY 2019-20 onwards

Applicability Under section 194G, the person responsible for paying to any person, who is or has been stocking, distributing, purchasing or selling lottery tickets, any income by way of commission, remuneration or prize (by whatever name called) …

by Ca Ankit Sharma 11/01/2019 under Income-Tax

TDS on payments in respect of deposits under National Savings Scheme etc. [Section 194EE] | AY 2019-20 onwards

Rate of TDS under section 194EE The person responsible for paying to any person any amount from National Savings Scheme Account shall deduct income-tax thereon at the rate of 10% at the time of payment. Threshold limit No such deduction sha…

by Ca Ankit Sharma 11/01/2019 under Income-Tax

TDS on Payments to non-resident sportsmen or sports association [Section 194E]

Applicability This section provides for deduction of tax at source in respect of any income referred to in section 115BBA payable to a non-resident sportsman (including an athlete) or an entertainer who is not a citizen of India or a non-resident…

by Ca Ankit Sharma 11/01/2019 under Income-Tax

TDS on Payment in respect of life insurance policy [Section 194DA] | AY 2019-20 onwards

Taxability of sum received under a life insurance policy Under section 10(10D), any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy is exempt subject to fulfillment of conditions specified un…

by Ca Ankit Sharma 11/01/2019 under Income-Tax

TDS on payment of Insurance Commission [194D] | AY 2019-20 onwards

Applicability of TDS under section 194D Section 194D casts responsibility on any person responsible for paying to a resident any income by way of remuneration or reward, whether by way of commission or otherwise, for soliciting or procuring insur…

by Ca Ankit Sharma 11/01/2019 under Income-Tax

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