"25 November 2020" Archive

Section 194IC TDS on Payment Made Under Specified Agreement

1) Who is responsible to deduct tax u/s 194IC? Any person responsible for paying to a resident any sum by way of consideration under the specified agreement under section 45(5A) i.e. under the Joint Development Agreement, shall deduct tax at source. 2) What is meant by the Joint Development Agreement? Joint Development Agreement is an [&h...

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Posted Under: Income Tax |

Section 194IB TDS on Rent of Property

1) Who is responsible to deduct tax u/s 194IB? Any person, being an individual or a Hindu undivided family (not covered under section 194I), responsible for paying to a resident any income by way of rent exceeding ₹ 50,000 for a month or part of a month during the previous year, shall deduct income-tax thereon […]...

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Posted Under: Income Tax |

Section 194IA TDS on Purchase of Immovable Property

Preamble and Rational behind inserting Section 194-IA: Under section 195, on transfer of immovable property by a non-resident, tax is required to be deducted at source by the transferee. However, prior to 01-06-2013 there being no such requirement on transfer of immovable property by a resident except in the case of compulsory acquisition...

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Posted Under: Income Tax |

Section 194F TDS on Payments on account of repurchase of units by Mutual Fund or Unit Trust of India

1) Who is responsible to deduct tax u/s 194F? The person responsible for paying to any person any amount referred to in section 80CCB. 2) When to Deduct TDS under Section 194F? Tax is deductible at the time of payment.  3) Rate of TDS under Section 194F The rate of tax deduction u/s 194F is […]...

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Posted Under: Income Tax |

SEBI revises regulatory measures introduced on March 20, 2020

Press Release No. 59/2020 (25/11/2020)

SEBI vide Press Release dated March 20, 2020 had introduced certain regulatory measures as per Annexure A of the said Press Release, in view of the then ongoing market volatility and keeping in view the objective of ensuring orderly trading and settlement, effective risk management, price discovery and maintenance of market integrity. The...

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SEBI Chairman launches Securities Market Trainers (SMARTs) Program

Press Releases No. 58/2020 (25/11/2020)

Shri Ajay Tyagi, Chairman, SEBI launched the Securities Market Trainers (SMARTs) progamme in Mumbai today. The SMARTs programme is a new initiative of SEBI for enhancing the Investor Education activities. Shri G. Mahalingam, Whole Time Member, Executive Directors and other officials of SEBI attended the launch function. The individuals wh...

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Section 194E TDS on Payments to Non-Resident Sportsmen or Sports Association

1) Who is responsible to deduct tax u/s 194E? Any person responsible for making following payment shall deduct tax at source:- Payee Nature of income (a) Non – resident foreign citizen sportsman (including an athlete) Income is by way of- a. participation in India in any game (other than card game or gambling, etc.); or […]...

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Posted Under: Income Tax |

Notification No. 62/2020-Customs (N.T./CAA/DRI) Dated: 25.11.2020

Notification No. 62/2020-Customs (N.T./CAA/DRI) [S.O. 4467(E).] (25/11/2020)

Notification No. 62/2020-Customs (N.T./CAA/DRI) [S.O. 4467(E).], Dated: 25.11.2020- Appointment of Common Adjudicating Authority MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) (DIRECTORATE OF REVENUE INTELLIGENCE) New Delhi, the 25th November, 2020 Notification No. 63/2020-Customs (N.T./CAA/DRI) ...

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Section 194DA TDS on Payment in respect of Life Insurance Policy

1) Who is responsible to deduct tax u/s 194DA? Any person responsible for paying to a resident any sum under a life insurance policy, including the sum allocated by way of bonus on such policy, other than the amount not includible in the total income under section 10(10D), shall deduct income-tax thereon.  2) When to […]...

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Posted Under: Income Tax |

Lakshmi Vilas Bank Limited (Amalgamation with DBS Bank India Limited) Scheme, 2020

Notification No. G.S.R. 731(E) (25/11/2020)

MINISTRY OF FINANCE (Department of Financial Services) (BANKING DIVISION) NOTIFICATION New Delhi, the 25th November, 2020 G.S.R. 731(E).— Whereas, the Lakshmi Vilas Bank Limited is a banking company registered under the Companies Act, 1956 (1 of 1956) and carrying on the business of banking in India; And whereas, the rapidly deteriorati...

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