ADDITIONAL RESOURCE MOBILISATION - DIRECT TAXES

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....ss basis in case of a resident individual, Hindu undivided family or firm. With a view to ensure horizontal equity among all categories of tax payers deriving income from dividend, it is proposed to amend section 115BBDA so as to provide that the provisions of said section shall be applicable to all resident assessees except domestic company and certain funds, trusts, institutions, etc. This ame....

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....aid section, an Individual and HUF, being a payer (other than those liable for tax audit) are out of the scope of section 194-I of the Act. In order to widen the scope of tax deduction at source, it is proposed to insert a new section 194-IB in the Act to provide that Individuals or a HUF (other than those covered under 44AB of the Act), responsible for paying to a resident any income by way of r....