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Under Section 194M if the payments to resident contractors and professionals exceed INR 50,00,000 during the Financial Year, the payer has to deduct tax at the rate of 5% from the sum payable to a resident payee. payer has to issue TDS Certificates within two months of the next financial year. There are two types of major forms under TDS namely:
Income tax in India is governed by Entry 82 of the Union List of the Seventh Schedule to the Constitution of India, empowering the central government to tax non-agricultural income; agricultural income is defined in Section 10(1) of the Income-tax Act, 1961. [2]
In India, a Tax Deduction and Collection Account Number (TAN) is a 10 digit alpha-numeric number issued by the Income Tax Department to the persons who are required to deduct or collect tax on payments made by them under the Indian Income Tax Act, 1961. [1]
The visas have often been used by South Asian workers nurtured in India’s thriving high-tech industries to come to the United States and build a prosperous diaspora.
The TDS rate for insurance commission, life insurance policy payments, rent payments, and commission or brokerage payments is proposed to be decreased from 5% to 2%. The TDS rate on payments made by e-commerce operators to e-commerce participants for the sale of goods or services is set to be reduced from 1% to 0.1%.
Highest listing price on eBay: $350 First introduced in the ’90s, the polar bear crystal figurine sits on top of a silver mirrored plate, adding to his shining abilities under a lighted display.
The Federal Aviation Administration issued temporary flight restrictions prohibiting drone flights over parts of New Jersey following an influx of sightings in recent weeks.. The notice, which ...
However, with urbanization and economic development, India has witnessed a break up of traditional joint family into more nuclear-like families, and the traditional joint family in India accounted for a small number of Indian households. A Hindu undivided family or HUF is a legal term related to the Hindu Marriage Act. The female members are ...