TDS on Payment of Insurance Commission. (Sec. 194D)

TDS on Payment of Insurance Commission. (Sec. 194D)

Person Responsible to Deduct Tax: Insurance Companies Category of Payee: Resident Assessee Rate of  Deduction of Tax: 10% Exemption Limit: Amount of payment in aggregate not exceeding Rs.5000/- during the financial year. Time for Deduction of Tax: At the time of credit or payment whichever is earlier Time for Deposit of TDS: In case of […]

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 TDS on Payments to Contractors (Sec.194C)

TDS on Payments to Contractors (Sec.194C)

Person  Responsible to Deduct Tax: Payment made by specified person other than individual or HUF, who are not subject to tax audit during the preceding financial year. Category of Payee: Any person resident in India Rate of Deduction of Tax: Up to 30-9-2009 Advertisement contracts:1%  Other contracts: For contractors-2% For sub-contrctors-1% W.E.F 1-10-2009  All contractors […]

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 TDS on Winnings from Horse Races. (sec.194BB)

TDS on Winnings from Horse Races. (sec.194BB)

Person Responsible to Deduct Tax: Any person being licensed by the Government or a Licensed Bookmaker. Category of Payee: All assesses Rate of Deduction of Tax: 30% No TDS: If the payment does not exceed Rs.2500/- Time for Deduction of Tax: At the time of payment Time for Deposit of TDS: In case of deduction […]

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 Tds on “Interest on Securities” (sec. 193)

Tds on “Interest on Securities” (sec. 193)

Person Responsible for Tax Deduction: Central or state Government, Local authority, Company or Corporation established by Central or state Government. Category of Payee: Any person being resident. Rate of Deduction of Tax: Resident non-corporate assessee and domestic company – 10% Time for Deduction of Tax: At the time of credit to the account of payee […]

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 VAT (Value Added TAX)

VAT (Value Added TAX)

The Introduction of the VAT system in India was initiated by the present Prime Minister and former Finance Minister Dr. Manmohan Singh in the year 1995 at a Chief Ministers Meeting. The process was continued by the subsequent Finance Ministers especially during NDA Government by former Finance Minister Mr. Yeshwanth Sinha who has constituted a […]

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