Section 194DA articles

TDS Rate Chart for FY 2021-22 / AY 2022-23 – Updated

Income Tax TDS Rate Chart for for Financial Year (FY) 2021-22 / Assessment Year (AY) 2022-23 The term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wherein a person responsible to pay a sum of specified nature shall deduct an amount towards TDS and pay it to the credit of Central Government. […]...

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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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TDS Rate Chart for Financial Year 2020-21

Simple TDS Rate Chart for Financial Year 2020-21 –  Applicable from 14th May 2020 Kindly Note amended rates are been given on the basis of PIB Notification dated 13.05.2020 and on the date of Publication of this post no notification in this regard is been notified by the CBDT. Press release can be accessed at […]...

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TDS Rate Chart for FY 2020-21 / AY 2021-22 – Updated

TDS Rate Chart For Assessment year 2021-22 /Financial Year 2020-21 As we all are aware that yesterday our Honourable Finance Minister has conducted press release. In that press release she declared that The TDS rates for all non-salaried payment to residents, and tax collected at source rate will be reduced by 25 percent of the […]...

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TDS Rates for Financial Year 2020-21 & Assessment Year 2021-22

Article compiles TDS Rate Chart For Financial Year 2020-21 and Assessment Year 2021-22 along with Due date of Payment of TDS and mode of Payment of TDS. Article explains Section under which TDS is deductible and TDS Rate Applicable. Article Covers Change in TDS Applicable from 01.04.2020 which was proposed by Union BUdget 2020 which [&hel...

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5 Recent Important Income Tax Changes we must know

Union Finance Minister Nirmala Sitharaman in her maiden budget speech announced some income tax-related changes which will come into effect from September 1, 2019. Cash withdrawals exceeding INR 1 crore in aggregate in a year from finance institutions will attract TDS while in case of property transactions, the definition of immovable pro...

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TDS Provisions made Simple (Tax Deducted at Source)

Article explains Section wise requirement of TDS deduction, Threshold exemption limit and rate at which TDS needs to be deducted. Article is updated as on 01.10.2019 to include sections under which TDS needs to be deducted from 01st October 2019. Newly introduced section are Section 194M – TDS on any work in pursuance of contract [&hell...

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Section 194DA TDS on Sum received under life insurance policy

Under section 194DA of the Act, a person is obliged to deduct TDS, if it pays any sum to a resident under a life insurance policy which is not exempt under sec 10 (10D). At present, TDS is required to be deducted @ 1% on such sum at the time of payment. However, TDS is not deductible if the amount of such payment is less than one lakh rup...

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Maturity of Life Insurance Policy – Whether Taxable or Not?

Any amount received from any life insurance companies is totally tax free is one of the most common presumptions of the taxpayers.  This is not entirely correct. Amount received from life insurance companies (including bonus) is tax free u/s 10(10D) of the Income Tax Act- 1961, except following receipt: (a) any sum received u/s 80DD(3) [...

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

 Sec. 194DA: TDS, on Payment in respect of life insurance policy, to be deducted by the insurer. Charging section: 194DA of Income Tax Act 1961. What section 194DA says? (Up to 31.8.2019) 194DA states, any person responsible for paying to a resident any sum under a life insurance policy, including the sum allocated by way […]...

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Posted Under: Income Tax |

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