Deduction of tax at source expanded: withholding on insurance commission and contractor payments with new compliance obligations. Finance Act, 1973 prescribes revised income tax rates and implements expanded withholding provisions by inserting section 194D for deduction of tax at source on insurance commission and by amending section 194C to require co operative societies to deduct tax on payments to contractors; it also adopts a partial integration scheme taking net agricultural income into account for rate determination where non agricultural income exceeds the exemption limit, sets detailed computation steps and surcharge rules, and introduces substantive changes to capital gains, management compensation taxation, specified deductions and targeted reliefs including reinvestment relief on compulsory acquisition and extended concessions under sections 80C and 80G.
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.
Deduction of tax at source expanded: withholding on insurance commission and contractor payments with new compliance obligations.
Finance Act, 1973 prescribes revised income tax rates and implements expanded withholding provisions by inserting section 194D for deduction of tax at source on insurance commission and by amending section 194C to require co operative societies to deduct tax on payments to contractors; it also adopts a partial integration scheme taking net agricultural income into account for rate determination where non agricultural income exceeds the exemption limit, sets detailed computation steps and surcharge rules, and introduces substantive changes to capital gains, management compensation taxation, specified deductions and targeted reliefs including reinvestment relief on compulsory acquisition and extended concessions under sections 80C and 80G.
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 
