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of <h1>Mandatory 10% Tax Deduction on Compensation for Compulsory Acquisition of Capital Assets Under Section 194L</h1> Section 194L, introduced by the Finance Act of 1999, mandates that any person responsible for paying compensation or enhanced compensation for the compulsory acquisition of a capital asset must deduct 10% as income tax from the payment made to a resident. This deduction applies to payments made in cash, cheque, draft, or any other mode, whichever is earlier. However, no deduction is required if the total payments to a resident during a financial year do not exceed 100,000 rupees.
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