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…
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…
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…
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%…
Indeed, a great privilege for Team TDSMAN as our Director, Mr. Ranjan Goenka has been featured by The Economic Times, Kolkata in their news daily on 7th April 2021. We express our sincere gratitude to all our valued users and other stakeholders for their cooperation and encouragement. ⇒ Click here for the published article⇐
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,…
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…
7th November 2021 – Due date for TDS / TCS payment for deductions / collections during October 2021 15th November 2021 – Due date for issuance of TDS Certificates for Q2 of FY: 2021-22 *Please ensure timely compliance to avoid interest and/or penalties Use TDSMAN Software to file seamless & error-free TDS/TCS returns, without any professional help.