Uncategorized

Section 206AA

Section 206AA of Income Tax Act

Introduction Every payment that is subject to tax deduction at source requirements must be made following a tax deduction. The TDS provisions require that all payers withhold taxes at the rates laid out in the applicable parts of the Income Tax Act. The recipient must always provide their PAN to the person making the payment. …

Section 206AA of Income Tax Act Read More »

SECTION 206CC of Income Tax Act

Introduction The Income Tax Act of 1961 includes newly added section 206CC. The provision takes effect on July 1st, 2021. This section is a special provision that requires a higher rate of tax collection or deduction for failure to file returns during the previous two fiscal years. Similar to TDS, a lot of transactions call …

SECTION 206CC of Income Tax Act Read More »

Section 194G

Section 194G of Income Tax Act

Introduction We’re sure you’ve considered purchasing a lottery ticket and hoping to win at some point in your life. Lottery tickets are an appealing way for many people in India to try their luck. However, you may be surprised to learn that the ticket seller (or agent) who sells lottery tickets is required to follow …

Section 194G of Income Tax Act Read More »

Section 194 H of Income Tax Act

When Is Section 194H TDS Deduction Applicable?  Section 194H allows an authorised entity to deduct TDS on brokerage in the following circumstances:   The commission is credited to the resident payee’s Payment of commission in any suspense account via cash, check, or The tax deducted at source on the amount payable to the service provider …

Section 194 H of Income Tax Act Read More »

Section 194E

Section 194E

Introduction Section 194E addresses the provisions for TDS deduction on payments made to a non-resident athlete or sports association. According to Section 194E of the Income Tax Act of 1961, any person making a payment of income referred to in Section 115BBA of the Income Tax Act of 1961 to the following persons is required …

Section 194E Read More »

SECTION 194DA OF INCOME TAX ACT

SECTION 194DA OF INCOME TAX ACT

Section 194DA Section 194DA of the Income Tax Act specifies the procedures for calculating, exempting, and collecting TDS on insurance commissions and premium payments. Furthermore, any individual or firm that pays a resident Indian any amount upon the maturity of a life insurance policy (including bonus) will be subject to a 1% tax deduction. Furthermore, …

SECTION 194DA OF INCOME TAX ACT Read More »

Section 192 A of Income Tax Act

Section 192 A of Income Tax Act

Introduction Individuals frequently require an influx of cash. People with no other options may decide to withdraw from their EPF accounts prematurely in such circumstances. They must, however, check Section 192A of the Income Tax¬†Act before initiating such a withdrawal. Section 192A of the Income Tax Act Addresses Tax Deducted at Source on an amount …

Section 192 A of Income Tax Act Read More »

Income Tax Section 194BB

Introduction Section 194BB is a provision in the Income Tax Act that allows a deduction for any income earned from winning a horse race. The winner of a horse race, i.e. the jockeys, trainers, and owners, will receive monetary rewards. Before such winnings are distributed, tax will be deducted from the concerned person. In this …

Income Tax Section 194BB Read More »