Section 194LBA of Indian Income Tax Act

section 194LBA

Under section 194LBA of the income tax act, where any distributed income referred to in section 115UA; being of the nature referred as in clause (23FC) of section 10, is payable by a business trust to its unit holder being a resident; the person liable for making payment, shall deduct income tax at 10%; at the time of credit of such payment to the account of the payee; or at the time of payment thereof in cash or by cheque or draft or by any other mode; whichever is earlier.…

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Section 194J of the Indian Income Tax Act

Section 194J

Section 194J of the Income Tax Act covers provisions relating to the deduction of TDS on any sum paid by way of; Section 194J of the Income Tax Act Fee for professional services Fee for technical services Royalty Remuneration/fee/commission to a director For not carrying out any activity concerning any business For not sharing any know-how, patent, copyright, etc. Under this Section 194J, any person (other than individual or HUF who is not liable to audit U/S 44AB) who is liable for paying any of the above sums to a…

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Section 194-IC of the Indian Income Tax Act

Section 194-IC

Section 194-IC of the Income Tax Act, 1961 covers provisions relating to TDS deduction on payment of monetary consideration under Joint Development Agreements. Section 194-IC of the Income Tax Act U/ Section 194-IC, notwithstanding anything contained in section 194-IA; any person responsible for paying any sum by way of consideration; not being consideration in kind, to a resident, under the agreement referred to in section 45 (5A) i.e. Joint Development Agreement; shall deduct TDS at 10% on such sum, at the time of credit of such sum to the account…

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Section 194-IB of the Inndian Income Tax Act

Section 194-IB

Section 194-IB has been introduced in Chapter XVII-B of the Income Tax Act, 1961 by the Finance Act, 2017. Section 194-IB of the Income Tax Act As per this section, with effect from 1st June, 2017; any person, being an individual or HUF (other than those referred to in section 194-IA); responsible for paying any income to a resident, by way of rent exceeding Rs 50000 for a month or a part of month during the PY; shall deduct TDS at 5% on such income. In case of rent, the…

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Section 194G & 194H of Income Tax Act

section 194G

Under section 194G of Income Tax Act, 1961; any person who is responsible for paying to any person; who is or has been distributing, stocking, purchasing or selling lottery tickets; any income by way of commission, remuneration or prize on such tickets in an amount exceeding Rs. 15000; shall deduct income-tax thereon at 5%; at the time of credit of such income to the account of the payee or; at the time of payment of such income in cash or by the issue of cheque or draft or by any…

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