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1) Who is responsible to deduct tax under section 194B of Income Tax Act, 1961? The person responsible for paying to any person any income by way of winnings from any lottery or crossword puzzle, card game and other game of any sort in an amount exceeding ₹ 10,000 shall, deduct income-tax thereon at the […]
1) Who is responsible for tax deduction (payer)? Following persons are responsible to deduct tax at source on interest other than interest on securities to a resident person – Any person, other than Individual or HUF; or An individual or a HUF, whose total sales, gross receipts or turnover from the business or profession carried […]
1. Who is responsible to deduct tax u/s 194? The principal officer of an Indian company or a company which has made the prescribed arrangements for the declaration and payment of any dividend (including dividends on preference shares) to a shareholder, who is resident in India, is required to deduct tax at source. Finance Act, […]
1) Who is responsible to deduct tax under Section 193 of Income Tax Act, 1961? Any person responsible for paying any interest on securities to a resident is required to deduct tax at source. 2) When to Deduct TDS under Section 193? Tax shall be deducted under this section, either at the time of credit […]
Article discusses TDS on Purchase of Goods under section 194Q of Income Tax Act, 1961, TCS on Sale of Goods – Section 206C(1H), TCS on Scrap – Section 206C(1), TCS on Sale of Motor Section 206C(1F), TDS on Non-filers of Income Tax Return u/s 206AB [Read with Section 206AA], TCS on Non-filers of Income Tax […]
1) Who is responsible to deduct tax u/s 192A of Income Tax Act, 1961? Tax is to be deducted by the trustees of Employees’ Provident Fund Scheme, 1952 or any other person authorized under the scheme to make payment of accumulated sum to employees. 2) When to Deduct TDS under Section 192A? Tax is deductible […]
1) Who is responsible to deduct tax u/s 192 of Income Tax Act, 1961? All persons paying salary are responsible to deduct TDS on income chargeable under the head “Salary”. In other words none of the payer of Salary is excluded; Individual, HUF, Partnership firms, companies, cooperative societies, Trust and other artificial judicial persons have […]
Is last Para of Income Tax Circular No. 13 of 2021 dated 30th June, 2021 consistent with legal provisions? Second Proviso to Section 206C(1H) reads as ‘the provisions of this sub-section shall not apply, if the buyer is liable to deduct tax at source under any other provision of this Act on the goods purchased […]
Article contains Comparison Of Section 194Q AND 206C(1H) Of Income Tax Act, 1961 – For TDS & TCS and Comparison Of 206AB & 206CCA of Income Tax Act, 1961 – For Higher TDS/TCS Rates -In Case of Non-Filers of Returns. Comparison Of Section 194Q AND 206C(1H) Of Income Tax Act, 1961 – For TDS & […]
Practical FAQs on applicability of TDS under section 194Q & TCS under section 206C(1H) w.e.f. 1st July 2021 Sub-section (1H) was inserted in Section 206C by Finance Act, 2020 for collection of tax at source (TCS) by the seller on sale of any goods and was made operative with effect from 1st October 2020. On […]
