Income Tax : Dive into the intricacies of TDS under Sections 194C, 194H, 194J, and explore their critical relation with Section 194M. Clear ins...
Income Tax : Updated TDS Rate Chart for FY 2023-24 (AY 2024-25). Find the latest rates for tax deduction at source for various transactions. Ea...
Income Tax : TDS Rate Chart for FY 2023-2024 (AY 2024-2025) – Get complete details on Budget 2023 Amendments, Nature of Payment & Threshold L...
Income Tax : Unravel the complexities of TDS under Section 194M on payments to resident contractors and professionals. Learn about the nature o...
Income Tax : Explore the updated Income Tax TDS Rate Chart for FY 2022-23 / AY 2023-24. Comprehensive guide covering TDS rates on various incom...
Income Tax : Recently introduced Section 194M of Income tax Act, making it mandatory for Individual & HUF to deduct 5% TDS on prescribed pa...
CA, CS, CMA : As the Announcement under UNION BUDGET 2019 had proposed a new section 194 M of the Income Tax Act,1961, which requires an Individ...
Income Tax : CBDT extends due date for payment of TDS under section 194M during the month of September, 2019 and October, 2019 and the due date...
Income Tax : The CBDT has notified that any sum deducted under section 194M shall be paid to the credit of the Central Government within a peri...
As per newly introduced Section 194M: Payment of commission (not being insurance commission), brokerage, contractual fee, professional fee to a resident person by an Individual or a HUF who are not liable to deduct TDS under section 194C, 194H, or 194J. Tax shall be deducted at the rate of 5% under section 194M with effect […]
A new section 194M is proposed to be inserted in the Income Tax Act by the Budget 2019 that provides levy of TDS @ 5% on the sum or aggregate of sums, paid or credited in a year on account of contractual work or professional fees by an Individual or Hindu undivided family, not required […]
The Budget introduced new section 194M covering TDS applicability on payment done to resident contractors, commission / brokerage and professionals. Let us analyze what the newly introduced section 194M has to say, in the present article.
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 family […]
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 […]
As the Announcement under UNION BUDGET 2019 had proposed a new section 194 M of the Income Tax Act,1961, which requires an Individual or an HUF, to deduct TDS @5%, where they make payment which exceeds Rs. 50 lakh in a year to a contractor or to a professional. Any Person Other than Those who […]
Are you an Individual or HUF Taxpayer? Be Ready to Deduct TDS on Contractual and Professional Services from 1st September 2019 In the Budget 2019 a new Section 194M has been inserted to require any individual or HUF (who is not required to deduct tax under Section 194C or 194J) to deduct tax at source […]
The Finance Minister with the view of widening and deepening of tax base proposed to bring in new provision for deduction of tax at source by Individuals and HUFs. Extract of the Memorandum of objects and reasoning reads as follows: B. WIDENING AND DEEPENDING OF TAX BASE Tax Deduction at Source (TDS) on payment by […]
Section 194M – Deduction of TDS by Individual and HUF from payments to contractors and professionals Budget 2019 has proposed a new Section 194M, which requires an individual or an HUF , to deduct TDS @ 5%, where they make payment exceeding Rs. 50 Lac in a year to a contractor (referred to in Section […]
As per the existing provisions of Section 194C 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 be deducted by an individual or HUF from payment made to contractor or professional […]
