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CBDT Income Tax PAN TDS

Section 194DA- TDS on maturity payment in respect of Life Insurance Policy

TDS needs to be deducted on maturity payment in respect of life insurance policy. Time of Deduction- TDS to be deducted at the time of payment. Deductor- Any person who makes a payment should deduct TDS Deductee- The payment of interest should be made to a resident. If payment is made to a non-resident, TDS […]

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CBDT Income Tax NSDL PAN TAN TDS Traces

TDS Under Section 194J(a) & 194J(b)

The existing section code 194J (i.e. Fees for Professional or Technical Services) has been sub-divided now into two sections, 194J(a) and 194J(b), effective from August 7 2020. u/s 194J(a) of the Income Tax Act, is related to TDS deduction on fees for Technical Services, and u/s 194J(b) of the Income Tax Act is related to […]

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CBDT Income Tax PAN TDS TIN NSDL Traces

Section 194C – TDS on Transporter

Section 194C of the Income Tax Act, 1961 states that any payment to a transporter is subject to a Tax Deduction at Source (TDS) at the rate of: –1% in case if the payee is an Individual or a Hindu Undivided Family (HUF), and –2% in case of other payees (i.e. partnership firm, company, trust, […]

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CBDT Income Tax PAN TCS TDS

206AB & 206CCA Compliance Check – Quick Guide

The Income Tax Department has activated the online system to determine the ‘Specified Person’ on whom the higher rate of TDS / TCS will be applicable under the newly introduced Sections 206AB & 206CCA. The Quick Reference Guide Version 1.0 (June 2021) has been uploaded. Click Here to view the PDF copy This has been […]