Section 194la of income tax act 1961

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WebThe Income Tax department permits the relief from deducting TDS at a lower or nil rates under Section 197 of the Income Tax Act, to those taxpayers whose final tax liability for the financial year is going to be nil or … Web1 Provisions of Section 194-IA: (1) Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by …

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Webunder the regular provisions of the Act Particulars I Income from business or profession Net profit as per profit and loss account 82,45,000 Add: Items of expenditure not allowable while computing business income WebSection 194LA: Payment of Compensation on acquisition of certain immovable property With effect from 1st October 2004, new section 194LA was inserted into the Income Tax … excel text function format percentage

TDS - Purchase of Immovable property

Web24 Mar 2024 · Section 194IA of the Income Tax Act, 1961, states that any person, being a transferee, responsible for paying to a resident transferor any sum by way of … WebSection 194IA - Payment on transfer of certain immovable property other than agricultural land - Income-tax Act, 1961; Rule 37 - Prescribed returns regarding tax deducted at source … Web30 Nov 2024 · Introduction to Section 194LBB of Income Tax Act. Section 194LBB of the Income Tax Act, 1961 (hereinafter referred to as the “Act”) specifies that if any income is … bsc psychology best colleges in india

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WebUntitled - Free download as PDF File (.pdf), Text File (.txt) or read online for free. Web6 Mar 2024 · 67[Provided further that no deduction shall be made under this section where such payment is made in respect of any award or agreement which has been exempted … bsc psychology course sequence uottawaWeb21 Jul 2024 · Section 194DA of the Income Tax Act, 1961 covers the person making payment to a resident person any sum under the life insurance policy. It is important to … bsc psychology birmingham

"Web(1) Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by way of consideration for transfer of … " - Section 194la of income tax act 1961

Section 194la of income tax act 1961

Section 194LA : TDS on Payments of Compensation on …

Web15 Sep 2024 · Legal Provision of Section 194IA of Income Tax Act, 1961. ♠ Any person, being a transferee, responsible for paying (other than the person referred to insection … Web15 Jan 2024 · The general rule is that the payer has to deduct TDS if the amount of such interest paid or credited is more than Rs.5000 in a financial year. But. in case of payer …

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WebSection 194LA - Payment of compensation on acquisition of certain immovable property - Income-tax Act, 1961; Section 194IC - Payment under specified agreement. - Income-tax … Web28 Oct 2024 · Section 194LBB of the Income Tax Act, 1961 has been inserted with effect from 1st June 2015. Liability to deduct TDS: A person making payment to a unit holder in …

Web3 Feb 2024 · Section 194LA of Income Tax Act relates to the TDS provisions applicable on the payment of compensation at the time of acquisition of certain types of immovable … Web12 Jul 2024 · So, the purpose of Section 194R is to widen the tax base and plug any scope of tax evasion. To cite another example, in case a medical professional receives free …

Web8 Mar 2024 · The amended provision of section 194LB is effective for financial year 2024-23 relevant to the assessment year 2024-24. In this article, you will learn detail of the … Web22 Aug 2024 · The Finance Act, 2024, introduced Section 194S in the Income-tax Act, 1961 (ITA), which became effective on July 1, 2024. If you trade in virtual digital assets (VDAs), …

Web12 Apr 2024 · S.O. 1692(E).In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, …

Web31 Jan 2024 · As per Section 194DA of the Income Tax Act, there is no deduction in the following circumstances; The Insurance commission credit does not exceed INR 15,000. … b.sc psychology colleges in delhiWeb206AA Section 206AA requires furnishing of PAN by the deductee to the deductor, failing which the deductor has to deduct tax at the higher of the following rates, namely, - (i) at the rate speci ed in the relevant provision of the Income-tax Act, 1961; or (ii) at the rate or rates in force; or (iii) at the rate of 20% and in case of section 194-O and 194Q, 5%. 206AB … bsc psychology colleges in kerala ernakulamWeb19 Feb 2024 · A new section 194 IA has been inserted under Income-tax Act, 1961 with effect from June 1, 2013. This section requires deduction of tax at source @ 1% on sale … bsc psychology colleges in du excel text function format textWebThe amount of tax to be deducted at source = ` 25,000 x 10% = ` 2,500 (ii) There is no liability to deduct tax at source under section 194LA, since the payment to Mr. Mohan, ... a non-resident as per Income-tax Act, 1961; (iii) ... The trust is registered under section 12AB of Income-tax Act. (6 Marks) (b) ... bsc psychology cuetWebu/s.201(1)/201(1A) of the Income-tax Act, 1961 (hereinafter referred to as the “Act”) on account of non-deduction of tax at source. 3. Brief facts of the case are that the assessee company purchased residential property for a consideration of Rs.60,12,000/- on … bsc psychology handbookWebToday, we learn the provisions of section 194LC of Income-tax Act 1961. The amended provision of section 194LC is effective for financial year 2024-23 relevant to the … excel text function month name