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What Is Section 194E & Section 194EE Under Income Tax Act?
Guides, Section 194E & Section 194EE, TDS

In this part of our TDS series, we’ll touch 2 other important tax deduction provisions that are Section 194E & Section 194EE, These are:TDS on Payments to Non-Resident Sportsmen or Sports Association: Section 194ETDS on Payment for Deposit Under NSS: Section 194EESection 194E: TDS on Payments to Non-Resident Sportsmen or Sports AssociationIndia’s love for cricket can’t be defined by a single ‘word’. Whenever there is any cricket match whether involving the Indian team or IPL, the madness is clearly visible.But have you ever wondered, how is the income of many foreignSEE DETAILS

What is SectionWhat is Section 194J under Income Tax Act? 194J?
Guides, Section 194J, TDS

In this part, we’ll take up Section 194J, the most important provision of TDS for Professional & Technical Services that is as follows –Section 194J: TDS on Fees for Professional or Technical ServicesYou must have always wondered that how much money does a Doctor or a CA or a Lawyer earns? Must be in double-figure of lacs (after all they are counted as one of the most reputed professions).Today we’ll tell how provisions of tax deduction (TDS) becomes applicable to them and this brings us to the Section 194J.As thisSEE DETAILS

What is Section 194G?
Guides, Section 194G & Section 194H, TDS

In this part of our TDS series, we’ll touch Section 194G & Section 194H – 2 important tax deduction provisions which are as follows: TDS on Commission on Sale of Lottery Tickets: Section 194GTDS on Commission or Brokerage: Section 194HSection 194G: TDS on Commission on Sale of Lottery TicketsWe bet, at-least once in your life you would’ve thought of buying a lottery ticket and waiting for a chance to win. Lottery tickets are an attractive way among many people throughout India to try their luck.But you will be surprised toSEE DETAILS

what is section 194D and Section 194DA?
Guides, Section 194D & Section 194DA, TDS

In this part of our TDS series, we’ll further simplify 2 more important tax deduction provisions which are as follows: TDS on Insurance Commission: Section 194DTDS on Payment of Life Insurance Policy: Section 194DASection 194D: TDS on Insurance CommissionThis provision of tax deduction mostly hits people who work as insurance agents for companies like LIC, HDFC Insurance, ICICI Insurance etc.Who is required to deduct TDS u/s 194D?Any person who pays to resident an income in the form of remuneration or reward (as commission or otherwise) for generating insurance business.What isSEE DETAILS

What is Section 194C under Income tax act?
Guides, Section194C, TDS

In this part of our TDS series, we’ll simplify Section 194C that is:Section 194C: TDS on Payment to ContractorsThis section of TDS is very important as it hits millions of people in India. Hence, a proper and detailed understanding of the section is here-Who is required to deduct TDS u/s 194C?As per this section, any specified person who pays money to the resident contractor (or subcontractor) for carrying out any work (including the supply of labor) is required to deduct tax on such payment. The above condition also requires theSEE DETAILS

What Is Section 194B & 194BB
Guides, Section 194B & Section 194BB, TDS

In this part of our TDS series, we will discuss the concept of 2 important sections of the tax deduction, which are:TDS on Winnings from Lottery or Crossword Puzzles: Section 194B: TDS on Winnings from Race Horses: Section 194BB: Section 194B: TDS on Winnings from Lottery or Crossword PuzzlesHave you ever wondered about people who win money on game shows like Kaun Banega Crorepati, Bigg Boss, Indian Idol etc pay tax or not? Do they take the whole money home?The answer is NO. This is where the concept of TDS u/s 194BSEE DETAILS

Guides, Section 193, TDS

In this part of our TDS series, we will discuss the concept of Section 193 of the tax deduction, that is: TDS on Interest on Securities: Section 193So let’s roll & understand this TDS concept in a simplified manner.Section 193: TDS on Interest on SecuritiesThe first thing which comes to everyone’s mind is “what is interest on securities?”. As per section 2(28B) of Income Tax Act, “interest on securities” means any interest on security (issued by the government whether state or central) and interest on debentures/securities (issued by the company aSEE DETAILS

What is Section 194, 194A
Guides, Section 194, Section 194A, TDS

Budget 2019: Interim Budget by the Modi Government in its transitional period has gifted taxpayers relaxation in the limits under section 194A for deducting TDS on saving bank account, post office etc. Till FY 2018-19 TDS was deducted if interest in the Financial year crossed the limit of Rs 10,000. The has from the FY 2019-20 has increased to RS 40,000. This has been done to promote savings and benefit the non-working housewives and small depositors. In this part of the TDS series, we’ll learn in-depth about TDS on InterestSEE DETAILS

TDS on salary-Section-192-Section 192A
Guides, Section 192 TDS on salary, TDS

In this part, we will explain the 2 most important provisions of TDS for an employee and these are:TDS on Salary:Section 192 of income tax actTDS on Premature Withdrawal from EPF: Section 192A of income tax Section 192 : TDS on SalaryWho is required to deduct TDS u/s 192?Your employer is responsible to deduct TDS under Section 192. This law impacts crores of people working as an employee on salary income. Section 192 is attracted to the employee where the salary income exceeds the basic exemption limit (Rs.2,50,000/Rs.3,00,000/ Rs.5,00,000). The important conditionSEE DETAILS