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October 2022

Section 194IB TDS

Section 194IB : Payment of rent by Individuals or HUF – Complete Guide with Latest Case Laws

Section 194IB requires any person, being individual or HUF, other than those individual or HUF whose total sales, gross receipts or turnover from the business or profession exceeds Rs. 1 crore in case of business and Rs. 50 lakhs in case of profession in the financial year immediately preceding the financial year in which such …

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Section 194IA

Section 194IA : TDS on Purchase of Immovable Property with Latest Case Laws

As per Section 194IA Every transferee responsible for paying any sum as consideration for transfer of immovable property (land, other than agricultural land, or building or part of building) to a resident transfer shall deduct tax, at the rate of 1% of such sum or the stamp duty value of such property, whichever is higher. …

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TDS on Rent

Section 194I – A Complete Guide on TDS on Rent Paid as per Income Tax Act, 1961

Section 194I : Applicability and Rate Any person other than individual or HUF, who is responsible for paying to a resident any income by way of rent, shall deduct income tax at the rate of: (i) 2% in respect of rent for plant, machinery or equipment; (ii) 10% in respect of other rental payments (i.e., …

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Section 194J

Section 194J : TDS on Fees for Professional or Technical Services

Applicability of Section 194J and Rate of TDS Every person other than an individual or a HUF, who is responsible for paying to a resident any sum by way of – (i) fees for professional services; or (ii) fees for technical services; or (iii) any remuneration or fees or commission, by whatever name called, other …

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Section 194C

Section 194C – TDS on Payment to Contractors & Sub Contractors

Section 194C provides for deduction of tax at source from the payment made to resident contractors and sub-contractors. Applicability of TDS under Section 194C Tax has to be deducted at source under section 194C by any person responsible for paying any sum to a resident contractor for carrying out any work (including supply of labour …

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Section 234D

Section 234D – Interest on Excess Refund to the Taxpayer

Section 234D : As per Rule 119A, while calculating the interest payable by the taxpayer or the interest payable by the Central Government to the taxpayer under any provision of the Act:  a) where interest is to be calculated on annual basis, the period for which such interest is to be calculated shall be rounded …

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