Section 194J of the Income Tax Act of 1961, states that An individual should deduct TDS on professional fees paid by him to a resident exceeding Rs. 30,000/- Deductor Deductor of TDS on professional fees is a person (other than individual or HUF who is not liable to audit under section 44AB) who is paying to resident: Fees [...]
As per Section 194H of the Income Tax Act, TDS on commission income is required to be deducted by every person who is making the payment of such commission or brokerage. Deductor For the purposes of section 194H, a deductor is a person who is making the payment in the form of commission or brokerage to [...]
Introduction Section 197 of the Income Tax Act, 1961 provides for the facility of NIL or Lower tax rate deduction of TDS (or TDS exemption). This section strikes a delicate balance between the requirement of cash flow to the taxpayer and realizing the government dues at the earliest. We all know that, TDS is a method of [...]
Introduction From June 1st, 2013, when a buyer buys immovable property (not agricultural land) that costs more than Rs. 50lakhs, then the buyer will deduct the TDS while making payment to the seller under section Income Tax Act. For paying TDS, the seller will obtain Form 16B and Form 26QB for the buyer. Provisions The buyer will [...]
TDS on contract is required to be deducted at the time of making any payment by the person who is making the payment for the contract. Under the Section 194C of Income tax which deals with any TDS on payment of contractor & Sub-Contractor. Section 194C: TDS on Contract If any individual is liable for paying [...]
Introduction Non-Resident Indian (NRI) is determined by the residential status of the person under the income tax. We need to check the basic and additional conditions and other criteria’s prescribed u/s 6. In this section, only Non-residents are covered not the RNOR (Resident but Not Ordinary Resident). Form 27Q is for the TDS on Non-resident payments. [...]
