Tax deduction at source: individuals/HUFs and banks must deduct on specified payments once statutory cash and payment thresholds are exceeded. Section 194M requires certain individuals and Hindu undivided families to deduct tax at a five per cent rate when paying or crediting sums to residents for work, commission/brokerage, or professional services, subject to an aggregate yearly exemption threshold and excluding application of section 203A to such deductors. Section 194N obliges specified banks, co-operative societies and post offices to withhold a lower fixed rate on cash payments from one or more accounts that exceed the statutory cash threshold in a previous year, while enumerating exempt recipient classes and allowing further exemptions by Central Government notification in consultation with the Reserve Bank.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax deduction at source: individuals/HUFs and banks must deduct on specified payments once statutory cash and payment thresholds are exceeded.
Section 194M requires certain individuals and Hindu undivided families to deduct tax at a five per cent rate when paying or crediting sums to residents for work, commission/brokerage, or professional services, subject to an aggregate yearly exemption threshold and excluding application of section 203A to such deductors. Section 194N obliges specified banks, co-operative societies and post offices to withhold a lower fixed rate on cash payments from one or more accounts that exceed the statutory cash threshold in a previous year, while enumerating exempt recipient classes and allowing further exemptions by Central Government notification in consultation with the Reserve Bank.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
