Categories
Income Tax TDS

Section 194G- TDS on Commission on Sale of Lottery Tickets

Any income earned by a person in the form of commission, remuneration, or prize on lottery tickets (deductee) who has been selling lottery tickets (also stocking, distributing, and purchasing) is liable to pay taxes. Time of Deduction- TDS to be deducted at the time of credit or payment, whichever is earlier. Deductor- Any person responsible […]

Categories
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 […]

Categories
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 […]

Categories
Income Tax TDS

Section 194B: TDS on Winnings from Lottery, Game Shows etc…

TDS shall be deducted on winnings from lottery, game shows and puzzles by the prize distributor. 1.  Applicability: Winning amount needs to be more than Rs 10,000 2.  Deductor: Prize distributor can be any person and shall deduct the TDS at the time of  payment 3.  TDS Rate: TDS at a flat rate of 30% […]