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of <h1>New Section 194-IC: Mandatory 10% Tax Deduction on Payments to Residents Under Specific Agreements from April 2017.</h1> Section 194-IC is introduced in the Income-tax Act to mandate that any person responsible for paying a resident any monetary consideration under an agreement, as specified in sub-section (5A) of section 45, must deduct 10% of the sum as income tax. This deduction is required at the time of crediting the sum to the payee's account or at the time of payment, whichever occurs first. This provision is distinct from section 194-IA and became effective on April 1, 2017.
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