TDS on insurance commission – Section 194D

In addition to other applicable TDS provisions, Insurance companies are compulsory required to deduct tax from following payments; commission paid to the agents; and maturity proceedings paid to the policyholders. In this article, we will be discussing the TDS provisions for deduction of tax from insurance commission under section 194D. TDS provisions for insurance payouts … Read More » "TDS on insurance commission – Section 194D"

When and How to deduct tax on rent – Section 194I

TDS on rent has to be deducted as per section 194I only when aggregate amount paid or to be paid or credited or to be credited exceeds Rs 1,80, 000 during the financial year. This means, tax should be deducted either at the time of payment or credit to the account of the payee, whichever … Read More » "When and How to deduct tax on rent – Section 194I"

Tax deduction account number or TAN – All You Need To Know

Tax deduction and collection account number (TAN) is a 10 digit alphanumeric number issued by the IT department to the person responsible for deducting or collecting tax at source. First 4 digits of the TAN is alphabets out of which initial 3 alphabets represent the jurisdiction code and the last one is the initial of … Read More » "Tax deduction account number or TAN – All You Need To Know"

TDS on fees for professional or technical services – Section 194J

Tax has to be deducted from fees paid for professional or technical services to any person who is a resident in India. TDS provisions related to fees for professional and technical services are specified in section 194J. As per section 194J, tax has to be deducted from following payments; Fees for professional services, or Fees … Read More » "TDS on fees for professional or technical services – Section 194J"

TDS on winnings from lotteries, crossword puzzles, games, horse races – section 194B and 194BB

Tax at the rate of 30% has to be deducted if winnings are from lotteries, crossword puzzles and games including card game. The person who is responsible for making payments to the winner of lotteries, crossword puzzles and games is required to deduct tax under section 194B at the rate of 30% from the winnings … Read More » "TDS on winnings from lotteries, crossword puzzles, games, horse races – section 194B and 194BB"

TDS on Interest on Fixed deposit – all you want to know

People often asks, is interest on FD taxable? What is the exemption limit of TDS on interest? How TDS on fixed deposit is calculated? In this article, we have discussed TDS provisions on interest on fixed deposits and provided answer to all of your questions. You can use our comment section below this article to … Read More » "TDS on Interest on Fixed deposit – all you want to know"

TDS on Employee Provident Fund or EPF withdrawals – Section 192A

In order to discourage premature withdrawals from employee provident fund, government has introduced section 192A in finance act 2015. As per this section, TDS amount has to be deducted out of the withdrawals from employee provident fund or EPF if certain conditions are satisfied. Employee provident fund withdrawals are taxable in India if the employee … Read More » "TDS on Employee Provident Fund or EPF withdrawals – Section 192A"

TDS on Property Sale in India – Section 194IA

Mr. P Chidambaram has introduced section 194IA in the budget 2013-2014. With the introduction of section 194IA, TDS at the rate of 1% is to be deducted on sale of property transactions by the buyer while paying consideration money to seller. Section 194IA is applicable with effect from 1st of June 2013. Section 194IA states … Read More » "TDS on Property Sale in India – Section 194IA"

Section 192 – TDS on salary

Employers including an individual or HUF who are responsible for paying any salary to any of their employee has to compulsorily deduct TDS from salary paid, if such salary amount is exceeding the basic exemption limit applicable to the financial year. As per section 192 of income tax act, TDS on salary has to be … Read More » "Section 192 – TDS on salary"

Losses and other incomes that can be disclosed to employer for TDS

As per section 192 of income tax act, an employee may furnish particulars of other incomes to employer that he has incurred during the financial year. While disclosing, employee can also disclose income tax that has already been deducted from such other incomes. After employee’s declaration, employer will consider other incomes and Tax deducted at … Read More » "Losses and other incomes that can be disclosed to employer for TDS"