Section 194DA - Page 2

Changes in TDS provision vide Interim and Final Budget 2019

Changes in TDS provision via Finance bill,2019 as passed by Lok Sabha and Interim Budget, 2019 1. Sec 194M (new section): TDS on payment exceeding Rs 50 lakhs to Contractor or Professional by Individual/HUF (Applicable w.e.f. 01/09/2019) Insertion of New Section after Sec 194LD: (1) Any person, being an individual or a Hindu undivided fam...

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Posted Under: Income Tax | ,

What to do if TDS u/s 194DA has been deducted and shown in 26AS

There is general perception among people that amount received on maturity of life insurance is exempt from income tax. However the same is not true. Receipt from life insurance may occasion on 2 events: 1. On death of the person insured (Death proceeds) 2. On maturity of the policy in the normal course (maturity proceeds) […]...

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Posted Under: Income Tax | ,

Section 194DA – TDS in respect of Life Insurance Policy

Section 194DA relates to the deduction of TDS in respect of life insurance policy, and the provisions of the same are covered under the present article. Basic provisions of section 19DA Section 194DA of the Income Tax Act, 1961 covers the person making payment to a resident person any sum under the life insurance policy. […]...

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Changes in TDS provision via Finance Bill 2019

Budget 2019: Changes in TDS provision- Related to 1. Section 194M : TDS on payment exceeding Rs 50 lakhs to Contractor or Professional by Individual/HUF, Section 194N: TDS on Cash Withdrawal exceeding Rs 1 crore from banks or cooperative bank or post office, Section 194DA: TDS on sum received under life insurance policy and Section [&hell...

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Posted Under: Income Tax |

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