Direct & Indirect Taxes, Tax Ready Reckoner, Tax Management, Tax Act. & Rules, Tax Planning & Tax Savings.

Direct & Indirect Taxes, Tax Ready Reckoner, Tax Management, Tax Act. & Rules, Tax Planning & Tax Savings.

TDS & TCS

Deduction and Collection of Tax at Source [Section 190 to 206CA i.e. Chapter XVIIA & B]

Rates for TDS ( Deduction of Tax at Source) in case of a Person other than a Company for Financial Year 2020-21 (Assessment Year 2021-22)

1.   Rates of TDS Where the Person is Resident in India Rates of TDS 1 on income by way of interest other than “Interest on securities” 10% 2 on income by way of winnings from lotteries, crossword puzzles, card  games and other games of any sort 30% 3 on income by way of winnings from …

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Rates for TDS ( Deduction of Tax at Source) in case of a Company for Financial Year 2020-21 (Assessment Year 2021-22)

1.   Rates of TDS in case of Domestic Company Rates of TDS 1 On income by way of interest other than “Interest on Securities” 10% 2 on income by way of winnings from lotteries, crossword puzzles, card  games and other games of any sort 30% 3 on income by way of winnings from horse races …

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Rates for TDS ( Deduction of Tax at Source) given under Income Tax Act. for Financial Year 2020-21 (AY:2021-22)

Rates of TDS 1 192A — Payment of accumulated balance due to an employee  participating in a recognised provident fund 10% 2 194 — Payment of dividend by a Domestic Company 10% 3 194C — Payment to Contractor/Sub-contractor 1% where payment  made to individual/HUF.  2% in other cases 4 194DA Payment made to a resident …

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[Section 190 to 206CA]- Deduction and Collection of Tax at Source (TDS & TCS)

Tax Deduction at Source (TDS) and Advance Payment [Section 190] Although regular assessment in respect of any income is to be made in a later assessment year, but tax on such income is payable in the previous year itself in the following manner: (I) Tax deducted at source (TDS): In case of certain incomes/payments, tax …

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[Section 193]- TDS from Interest on Securities

Under Section 2(28B), Interest on Securities means.— (i)         interest on any security of the Central Government or a State Government: (ii)     interest on debentures or other securities for money issued by or on behalf of a local authority or a company or a corporation established by a Central, State or Provincial Act”. In …

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[Section 194A]- Interest other than Interest on Securities

Interest other than Interest on Securities includes payments made in respect of: (i)         Inter-corporate deposits / loans, (ii)        Public deposits, (iii)       Loans, (iv)       Suppliers on late payment of Acts (also where payments routed through bank), (v)        Payment by consignor to commission agent. 1.   Who is liable to Deduct Tax from …

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[Section 194C]- TDS on Payment to Resident Contractor

(i)      Any person responsible for paying any sum to any resident contractor for carrying out any work (including supply of labour for carrying out any work) under a contract in pursuance of a contract between contractor and person specified in clause (1) below, shall deduct income tax at the time of such payment thereof …

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[Section 194D]- TDS from Insurance Commission

1.   Who is required to make TDS from Insurance Commission: The person responsible for paying to a resident, the income mentioned below. Remuneration or reward whether by way of commission or otherwise— (a)        for soliciting or procuring insurance business, or (b)        for continuance, renewal or revival of policies of insurance. 2. When TDS …

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[Section 194DA]- TDS from Payment in respect of life Insurance Policy

Any person responsible for paying to a resident any sum under a life insurance policy, including the sum allocated by way of bonus on such policy, other than the amount not includible in the total income under section lO( IOD) shall deduct the tax at source at the time of payment of such sum. In …

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