Section 194LBB of the Income Tax Act, 1961 has been inserted with effect from 1st June 2015 on TDS deduction on Income from Investment Funds. Time of Deduction: Deduction shall be made by payer, earlier of- At the time of credit of income to the account of the recipient or At the time of payment in…
Deductor- The person(Individual/HUF) making investments in Equity Linked Savings Scheme shall make deduction as per Sec 80CCB. Deductee- UTI or respective Mutual Fund Time of Deduction- At the time of payment. Rate of TDS- 20% ∼Authored by – CA Anushka Saraogi∼ Section 194EE- TDS on Payments in respect of Deposit under NSS
The Dividend Distribution Tax paid by Companies has been abolished in the Finance Bill 2020 and dividend income shall be taxable in the hands of investors now. Sec 194K was re- introduced for deduction of tax on income in respect of units of Mutual Funds. Deductor- Any person who is responsible for paying dividend in…
Deductor- Any person responsible for making payment of any amount for the amount standing in NPS covered under Sec 80CCA and accrued interest. Deductee- Person who has deposited in NPS and is covered under Sec 80CCA Time of Deduction- At the time of payment. Rate of TDS- 10% When no TDS is deducted: For aggregate…