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What is Sec 194 income tax?

As per the provisions of section 194 of the Income Tax Act, the Principal officer of an Indian Company or a Company making prescribed arrangements for declaration and payment of the dividend within India is required to deduct TDS on dividend, if the following conditions are satisfied – 1.

What is Form 281 income tax?

ITNS 281 – This Challan is used for depositing Tax Deducted at Source (TDS) or Tax Collected at Source (TCS). Challan No. ITNS 282 – This is to be used in case of payment of Gift Tax, Wealth Tax, Expenditure Tax, Estate Duty, Securities Transaction Tax and Other Direct Taxes.

What should I do after challan 280?

After you have made the tax payment, you need to furnish this information in your income tax return. Go to Taxes Paid Summary Page on ClearTax to update this information. Select the “Self Tax Payments” tab and enter the BSR code and challan number from Challan 280.

What is the TDS rate from April 2021?

TDS rates applicable for resident of India

TDS Rate (%) TDS Rates from 01.04.2020 to 13.05.2020 TDS Rates from 14.05.2020 to 31.03.2021
5 (w.e.f 01.06.2016) (10 % from 01.04.2015 to 31.05.2016) 5 3.75
(a) 2 (b) 10 (a) 2 (b) 10 1.5 7.5
1 5 (w.e.f from 01.06.2017) (If payment of Rent exceeds Rs. 50,000/- per month. ) 10 1 5 10 0.75

What is the new TDS rate?

TDS on payments to contractors or professional services varies from 1-10%, sale of immovable property attracts 1% TDS on the sale consideration and for rent, the applicable TDS is 5%. What is the change from July 1 on TDS? New provisions introduced in the Union budget 2021-22 come into effect from July 1.

What is 94j in TDS?

Section 194J – TDS on Professional/Technical Fees. According to the rules and regulations of Section 194J of the Income Tax Act, 1961, a person must deduct their Tax Deducted at Source (TDS) only at the rate of 10% when certain payments are made to a certain resident.

How can I claim TDS on ecommerce?

TDS Certificate The e-commerce operator is required to issue Form 16A to the e-commerce seller. This form can be used by the seller to claim credit of the tax deducted while filing the Income Tax Return.

How do I get my receipt from Challan 281?

Challan Status Inquiry

  1. Step – 1. Visit or Click here,​
  2. Step – 2. Select either from CIN (Challan Identification Number) based view or TAN based view.
  3. Step – 3. Fill the requisite details in order to view the Status.
  4. Step – 4.

What is the purpose of TDs under section 194F?

Section 194F – This section contains provisions relating to the repurchase of units of Mutual Fund / Unit Trust of India. As per section 194F, the person making payment of any amount referred to in section 80CCB (2) is required to deduct TDS.

Which is under TDs you / s 194i for rent?

The rent under this section broadly includes house rent, machine rent, building rent, office rent, furniture rent etc. This section was introduced to bring rent under the ambit of TDS provisions as rent is a substantial source of income in India, which was escaping the tax net. Who has the need to deduct TDS u/s 194I?

What is section 194j of the Income Tax Act 1961?

TDS Section 194J of the Income Tax Act 1961 includes provisions regarding the TDS deduction of fees for technical as well as professional services. We prepared this article to keep you up to date about the changes and to provide a complete overview of Section 194J under TDS.

When to file TDs on payment to contractor?

A comprehensive guide to understanding TDS levied under Section 194C on payments to contractor. Persons to whom payments of any amount in relation to contractors or sub-contractors are made. (i) The due date to file TDS return for Q4 of the FY 2020-21 is extended from 30th June 21 to 15th July 21.