What is Section 194H? Section 194H of the Income Tax Act is specifically dedicated to TDS deducted on income earned through brokerage or commission by any person liable to pay to an Indian resident. This section ensures that tax is collected at the source on such payments. It is important to note that Section 194H…
Effective from 1st October 2024, Tax Deducted at Source (TDS) rates have been reduced. These are part of the government’s ongoing efforts to simplify tax compliance and minimize the financial impact. New TDS Rates: A Closer Look From 1st October 2024, the TDS rates for certain sections have been reduced, making it easier for taxpayers…
7 January 2016 – Due date for deposit of Tax deducted/collected for the month of December, 2015. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan. 7 January 2016 –…
Q1. Who is responsible to deduct tax u/s 194H? Ans. Any person, (other than individual or a Hindu undivided family) who is responsible for paying, to a resident, any income by way of commission (not being insurance commission referred to in section 194D) or brokerage, shall, deduct income-tax thereon. However, individuals and HUF who were covered…