Tds u/s 194c of income tax act
WebApr 15, 2024 · The Supreme Court has ruled that no penalty is leviable under Section 271C of the Income Tax Act, 1961 on mere delay in remittance of the tax deducted at source (TDS) after the same has been deducted by the assessee. The bench of Justices M.R. Shah and C.T. Ravikumar observed that the relevant words used in Section WebMay 8, 2024 · Section 194C states that any person responsible for paying any sum to the resident contractor for carrying out any work (including the supply of labor), in pursuance of a contract between the contractor and the following: The Central Government or any … What is the Reason for the Introduction of TDS u/s 194I? The Finance Act, 1994 in… Below you’ll find the TDS rate chart, which summarises all the TDS provisions of t…
Tds u/s 194c of income tax act
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WebFeb 11, 2024 · A. Overview of Section 194C of the Income Tax Act, 1961. TDS shall be deducted under section 194C of Income Tax Act, 1961 at 1% or 2% (as the case may be) … WebApr 13, 2024 · Section 192 of Income Tax Act talks about the tax deduction at the source of salary. The person who pays the salary is responsible to deduct TDS at the time of …
WebApr 4, 2024 · All the persons who are liable to deduct TDS as per the provisions of the Income tax Act, 1961 u/s 194J professional fees, 194C- contract, 194H commission , 194I rent etc but excluding TDS on Salary u/s 192, 192A, 194B, 194BB, 194LBC, 194N and 195, need to take care of these provisions
WebApr 15, 2024 · The Income Tax Act, 1961, was amended in 2012 to include Section 196D, which deals with the TDS (Tax Deduction at Source) for foreign institutional investors … WebApr 10, 2024 · The Mumbai Income Tax Appellate Tribunal (ITAT) has recently held that roaming charges paid by Vodafone India to other telecom operators are not subject to Tax Deduction at Source (TDS) under section 194C or 194J of Income Tax Act, 1961.. Assessee-Vodafone India Ltd. filed the appeal against the order of Commissioner of Income Tax …
WebJun 3, 2024 · Section 194C - Payments to contractors. Any person responsible for paying any sum to any resident contractor for carrying out any "work" in pursuance of a contract between the "contractor" and a "specified person" shall, at the time of credit of such sum or at the time of payment, whichever is earlier, deduct TDS as per this section.
WebMar 17, 2024 · According to the Section 194C of the Income Tax Act, any individual making a fee to a residential individual, who carries out 'work' as a contract between the 'specified individual' and the 'resident contractor,' is … swivel base for monitorWebApr 13, 2024 · Section 192 of Income Tax Act talks about the tax deduction at the source of salary. The person who pays the salary is responsible to deduct TDS at the time of crediting the salary. The TDS is deducted based on the tax rates applicable to the estimated income of the assessee for a financial year. However, no TDS is deducted when the total ... swivel base for computer monitorWebApr 8, 2024 · The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has recently held that the penalty under section 271 (1) (c) is not attracted when income tax is payable … swivel base for rocker reclinerWebApr 15, 2024 · The Income Tax Act, 1961, was amended in 2012 to include Section 196D, which deals with the TDS (Tax Deduction at Source) for foreign institutional investors (FIIs) from securities. This provision was introduced to regulate the tax liabilities of FIIs investing in the Indian securities market. In this blog, we will discuss about Section 196D of ... swivel base for outdoor chairWebApr 10, 2024 · For rent on the plant and machinery, the TDS rate is 2% (Section 194-I). However, for rent on land, buildings, or both, the TDS rate is 5% under Section 194-IB. Exemption limit – the minimum exemption limit is Rs 2.4 lakh per annum for Section 194-I and Rs 50,000 per month for section 194-IB. swivel base for promasterWebBut Since Budget 2024, any Dividend Income in excess of INR 5000 is liable for TDS @ 10% u/s 194. ... Section 194C of Income Tax Act, 1961. Tax need to be deducted 1% (for … swivel base for bookcaseWebApr 12, 2024 · 2) Assessee in Default. Section 201, (1) of the Income Tax Act expressly states that any person liable to deduct TDS on the payment made makes a default in the deduction and/or payment of TDS, shall be treated as “assessee in default” and penalty U/s 221 of Income Tax Act (stated below) shall be payable by the such assessee. swivel base for lazy boy rocker recliner