Income Tax - 1) Who is responsible to deduct tax under Section 194K of Income Tax Act, 1961? a) Any person responsible for making the payment to a resident in respect of b) units of a Mutual Fund specified under clause (23D) of section 10 or of the Unit Trust of India, c) units from the Administrator of […]...
Read MoreIncome Tax - 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. […]...
Read MoreIncome Tax - 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 […]...
Read MoreIncome Tax - INSERTION OF NEW SECTION 194K FOR TDS ON DIVIDEND INCOME IN RESPECT OF UNITS OF MUTUAL FUNDS Background 1. Existing Tax Regime: How STT came into picture? a. When some taxpayers started evading tax on capital gains by not showing the details of gain on the sale of stocks b. The Finance Act, in 2004, […]...
Read MoreIncome Tax - 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 […]...
Read MoreNA - (04/02/2020) - t under the proposed section 194K, a Mutual Fund shall be required to deduct TDS @ 10% only on dividend payment and no tax shall be required to be deducted by the Mutual Fund on income which is in the nature of capital gains. Necessary clarification, if required, shall be proposed in the relevant pr...
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NA - 04/02/2020