Section 194G – TDS on Commission on Sale of Lottery Tickets

A complete guide of Section 194G TDS on Commission etc. on sale of lottery tickets Who is Liable to Deduct TDS Under Section 194G? The persons who are paying any commission, remuneration or prize on lottery tickets to a person who has been stocking, distributing, purchasing or selling lottery tickets. What is TDS Rate under … Read more

Section 194EE – TDS on National Saving Scheme

A complete guide on Section 194EE- TDS from Payment in Respect of Deposit under National Saving Scheme etc The person responsible for paying to any person any amount standing to the credit of such person under National Saving Scheme (to which section 80CCA was applicable) together with interest accrued thereon, shall deduct income-tax thereon such … Read more

Section 194E – TDS from Payment to Non-resident Sportsman

Section 194E – TDS from Payment to Non-resident Sportsman or Entertainer or Sports Association: If you are responsible to pay any amount in the way of income to any non-resident sportsman (including an athlete) who is not a citizen of India, you are required to deduct tax at source @ 20% plus surcharge as applicable … Read more

Section 194D – TDS From Insurance Commission

194D – TDS from Insurance Commission – Quick Summary Person Responsible to Deduct Tax Insurance companies Exemption Limit Rs. 20,000 (Reduced to Rs.15,000 w,e,f, 01.06.2016) Time of Deduction of TDS At the time of payment or credit whichever earlier. Time for Deposit of TDS Within one week from of the day of the month of … Read more

How to Avoid TDS on FD Interest by Form 15G & 15H

First of all you need to understand that tax has to be deducted at source by banks on your FD interest. The bank will deduct TDS on interest payment or credited on your fixed deposits. Now, the question is that is there any possibility to avoid TDS on your fixed deposits? The answer is yes, … Read more

TDS on Contract Payments [A.Y. 2018-19] 194C – Up to Date

There is a duty of payer to deduct TDS u/s 194C on making of payment/credited to contractor. Contractor includes a sub-contractor. In this article we will discuss about the TDS deduction and related procedure on payment to contractors & sub contractors. The article is up to date with latest amendment as per finance act 2017. Quick … Read more

Section 194A – TDS Interest other than Interest on Securities 2018-19

Here we will discuss about the complete detail about TDS deduction on interest other than interest on securities u/s 194A. You can find here TDS rates, exemption limit, responsible persons, time of deduction, TDS returns, time limit for deposit TDS and more. Quick Summary Person Responsible to Deduct Tax All Assessee except those individual and HUF … Read more

Income Tax and TDS Computation on Contract Based Employee

With the advent of globalization, many organizations now hire their workforce on contract basis. This means that the hired person is not a full-time employee of the company, rather the person is hired with a view to complete a certain task and then would be released or re-hired by the company later on. Income Tax … Read more