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The Finance Act, 2021 has inserted a new Section 194P of Income Tax Act, 1961 to provide relief to a senior citizen who is 75 years or more from the burden of filing of return of income. It provides that if tax has been deducted under the newly inserted provision, such senior citizen shall be […]
1) Who is responsible to deduct TDS under section 194O of Income Tax Act, 1961? Any person, being E-commerce operator facilitating sale of goods or provision of services of an E-commerce Participant through its digital or electronic Facility or platform (by whatever name called). 2) Is there any definition for E-commerce, E-commerce Operator and E-commerce Participant? […]
1. Who is responsible to deduct tax under section 194N of Income Tax Act, 1961? Every person, being,— (i) a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act); (ii) a co-operative society engaged in carrying on […]
1) Why Section 194M of Income Tax Act, 1961 was introduced? As per the existing provisions of Section 194C , Section 194H and Section 194J, an individual or HUF, who are not liable to tax audit under Section 44AB(a)/44AB(b), shall not be required to deduct tax under these provisions. Thus, no tax is required to […]
1) Who is responsible to deduct tax under section 194LD of Income Tax Act, 1961? Any person who is responsible for paying to a person being a Foreign Institutional Investor or a Qualified Foreign Investor any income by way of interest. 2) Nature of Payment a) Interest payable on or after the 1st day of […]
1) Who is responsible to deduct tax under section 194LC of Income Tax Act, 1961? If an Indian company or a business trust pays income by way of interest to non-resident (not being a company) or foreign company, has to deduct TDS under this section. 2) Nature of Payment Interest payable by an Indian Company […]
1) Who is responsible to deduct tax under Section 194LBC of of Income Tax Act, 1961? Any person who gives income to an investor with respect to investment in securitization trust is required to deduct tax under this section. 2) When to Deduct TDS under Section 194LBC? The time of deduction is earlier of, the […]
1) Who is responsible to deduct tax under section 194LBB of Income Tax Act, 1961? Any person who gives an income (as referred u/s 115UB) to a unit holder in respect of units held in an investment trust has to deduct tax under this section. 2) When to Deduct TDS under Section 194LBB? The time […]
Form GSTR-3B is a simplified summary return and the purpose of the return is for taxpayers to declare their summary GST liabilities for a particular tax period and discharge these liabilities. A normal taxpayer is required to file Form GSTR-3B returns for every tax period.
1) Who is responsible to deduct tax under section 194LB of Income Tax Act, 1961? Any person who makes payment of interest [which is payable by an infrastructure debt fund, as per section 10(47)] to a non-resident (not a company/ foreign company) is required to deduct tax at source. 2) When to Deduct TDS under […]
