TaxTMI 
TaxTMI 
Tax to be deducted at source.
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....sion or otherwise, for soliciting or procuring insurance business (including business relating to the continuance, renewal or revival of insurance policies). Any person. Rate: Rates in force. -- Threshold limit: Rs. 20,000 (ii) Income by way of commission [not being insurance commission referred to in serial number 1(i)] or brokerage. Specified person. Rate: 2% -- Threshold limit: Rs. 20,000 2. Rent (i) Income by way of rent. Person other than specified person. Rate: 2% -- Threshold limit: Rs. 50,000 for a month or part of a month (ii) Income by way of rent. Specified person. Rate: (a) 2%, for the use of any machinery or, plant, or equipment; and (b) 10%, for the use of any land, or building (including factory building), or land appurtenant to a building (including factory building), or furniture, or fittings. -- Threshold limit [for (a) and (b)]: Rs. 50,000 for a month or part of a month. Note 1.-- In serial number 2(i), the tax shall be deducted on such income at the time of- (a) credit of rent to the account of the payee; or (b) payment thereo....
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....vestment fund specified in section 224, payable to its unitholder. Any Investment fund specified in section 224. Rate: 10% -- Threshold limit: Nil (iv) Any income, in respect of an investment in a securitisation trust specified in section 221 to an investor. Any securitisation trust specified in section 221. Rate: 10% -- Threshold limit: Nil. 5. Interest income (i) Any income by way of Interest on securities Any person. Rate: Rates in force. -- Threshold limit: Rs. 10,000 (ii) Any income byway of interest other than interest on securities. (a) A banking company; or (b) a co-operative society carrying on the business of banking; or (c) a post-office for a deposit made under a scheme notified by the Central Government Rate: Rates in force. -- Threshold limit: (a) Rs. 1,00,000 in the case of a senior citizen; (b) Rs. 50,000 in case of person other than senior citizen. (iii) Any income being interest other than interest on securities. Specified person [other than person in Sl. No. 5(ii).C] Rate: Rates in force. -- Threshold limit: Rs. 10....
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....by whatever name called, other than those on which tax is deductible under section 392, to a director of a company; or (d) royalty; or (e) any sum referred to in section 26(2)(h). Specified person. Rate: (a) 2% of such sum in case of- (i) fees for technical services (not being a professional services); or (ii) royalty in the nature of consideration for sale, distribution or exhibition of cinematographic films; or (iii) payee, engaged only in the business of operation of call centre; (b) 10% of such sum in cases other than (a) -- Threshold limit: [for (a) and (b)]: Rs. 50,000. Note.--In serial number 6 (i), if any sum is paid or credited for carrying out any work specified in section 402(47)(e), tax shall be deducted at source- (a) on the invoice value excluding the value of material, if such value is specified separately in the invoice; or (b) on the whole of the invoice value, if the value of material is not specified separately in the invoice. 7. Dividend Any dividends (including on preference shares) declared. Any domestic company. Rate: 10%. -- Threshold limit: Nil. Note.--T....
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....he purposes of deduction of income-tax under this serial number; (c) e-commerce operator shall be deemed to be the person responsible for paying to e-commerce participant; (d) irrespective of anything contained in this Chapter, if- (i) tax has been deducted on a transaction under this serial number; or (ii) a transaction is not liable for tax deduction as provided in section 393(4) (Table: Sl. No. 11), then tax shall not be deducted on such transaction under any other provision of this Chapter; (e) clause (d) shall not apply to any amount or aggregate of amounts received or receivable by an e-commerce operator for- (i) hosting advertisements; or (ii) providing any other services, which are not in connection with the sale or services referred to in this serial number. Note 4.--In case of a transaction on which provisions of serial number 8(v) are applicable along with the provisions of serial number 8(vi) for deduction of tax, then tax on such transaction shall be deducted only under the provisions of serial number 8(vi). Note 5.-The provisions of serial number 8(iii) shall take precedence over any other provisions of this Cha....
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....) or a foreign company. Any Indian company or a business trust. 5%. 3 Any income by way of interest payable in respect of monies borrowed from a source outside India by way of issue of rupee denominated bond before the 1st July, 2023. Any non-resident (not being a company) or a foreign company. Any Indian company or a business trust. 5%. 4. Any income by way of interest payable in respect of monies borrowed from a source outside India by way of issue of any long-term bond or rupee denominated bond, which is listed only on a recognised stock exchange located in any International Financial Services Centre. Any non-resident (not being a company) or a foreign company. Any Indian company or a business trust. (a) 4%, where issued on or after the 1st April, 2020 but before the 1st July, 2023; or (b) 9%, where issued on or after the 1st July, 2023. 5. Any income by way of interest. Any non-resident (not being a company) or a foreign company. Any infrastructure debt fund referred to in Schedule VII (Table: Sl. No. 46). 5%. 6. Any distributed income referred to in section 223, being of the nature referred to in Schedule ....
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....chedule VI [ Note 1(g)]. Any person. 10%. 17. Any interest (not being interest referred to against serial numbers 2, 3, 4 and 5) or any other sum chargeable under the provisions of this Act, not being income chargeable under the head "Salaries". Any non-resident (not being a company) or a foreign company. Any person. Rates in force. (3) Where any income or sum of the nature specified in column B of the Table below, is credited or paid by the person specified in column D during the tax year, to any person, the person responsible for paying the amount specified in column C, shall deduct income-tax on such amount- (a) at the rate specified in column E; (b) at the time of payment thereof in cash or by way of a cheque or a draft or by any other mode, or as specified therein; and (c) subject to the provisions of sub-sections (4), (5), (6), (8) and (9). Table FOR PAYMENTS TO ANY PERSON Sl.No. Nature of Income or sum Payer Rate Threshold limit A B C D 1 Any income by way of winnings (other than winnings from serial number 2) from-- (a) any lottery; or ....
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.... 1. Commission or Brokerage referred to in section 393(1)[Table: Sl. No. 1(ii)]. Commission or brokerage payable by Bharat Sanchar Nigam Limited or Mahanagar Telephone Nigam Limited to their public call office franchisees. 2. Rent referred to in section 393(1)[Table: Sl. No. 2(ii)]. Income by way of rent credited or paid to a business trust, being a real estate investment trust, in respect of any real estate asset, referred to in Schedule V (Table: Sl. No. 4), owned directly by such business trust. 3. Compensation on acquisition of certain immovable property referred to in section 393(1)[Table: Sl. No. 3(iii)]. Income by way of any award or agreement which has been exempted from levy of income-tax under section 96 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (30 of 3013). 4. Income in respect of units referred to in section 393(1)[Table: Sl. No. 4(i)]. If income is of the nature of capital gain. 5. Income from units of a business trust referred to in section 393(1)[Table: Sl. No. 4(ii)]. Income of the nature referred to in Schedule V [Table: Sl. No. 3.B(b)], if the specia....
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....for reasons to be recorded in writing, notified in this behalf before the 1st April, 2020; (b) interest income credited or paid-- (i) by a co-operative society (other than a co-operative bank) to a member thereof; or (ii) by a co-operative society to any other co-operative society; or (iii) in respect of deposits with a primary agricultural credit society or a primary credit society or a co-operative land mortgage bank or a co-operative land development bank; or (iv) in respect of deposits (other than time deposits made on or after the 1st July, 1995) with a co-operative society, other than a co-operative society or bank referred to in sub-clause (iii), engaged in the business of banking, Where the total sales, gross receipts or turnover of the co-operative society does not exceed Rs.50,00,00,000 during the tax year immediately preceding the tax year in which such interest is credited or paid; (c) interest income credited or paid- (i) by the Central Government under any provision of this Act or the Income-tax Act, 1961 (43 of 1961), or the Estate Duty Act, 1953 (34 of 1953), or the Wealth-tax Act, 1957 (27 of 1957), or the Gift-....
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.... Act, 1956, in respect of any shares owned by it or in which it has full beneficial interest; (b) the General Insurance Corporation of India or to any of the four companies, formed by virtue of the schemes made under section 16(1) of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972), in respect of any shares owned by the Corporation or such company or in which the Corporation or such company has full beneficial interest; (c) any other insurer in respect of any shares owned by it or in which it has full beneficial interest; (d) a "business trust", as defined in section 2(21), by a special purpose vehicle referred to in Schedule V (Note 2); (e) any other person as notified by the Central Government in this behalf; (f) a shareholder, being an individual, if- (I) the dividend is paid by the company by any mode other than cash; and (II) amount or aggregate of amounts of such dividend distributed or paid or likely to be distributed or paid during the tax year does not exceed Rs.10,000. 11 Payment by e-commerce operator to e-commerce participant referred to in section 393(1)[Table: Sl. No. 8(v)]. ....
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.... to (Table: Sl. No. 4). 18 Payment of certain amounts in cash referred to in section 393(3)(Table: Sl. No. 5). Payment made to- (a) the Government; (b) any banking company or co-operative society engaged in carrying on the business of banking or a post office; (c) any business correspondent of a banking company or co-operative society engaged in carrying on the business of banking, as per the guidelines issued in this regard by the Reserve Bank of India under the Reserve Bank of India Act, 1934 (2 of 1934); (d) any white label automated teller machine operator of a banking company or co-operative society engaged in carrying on the business of banking, as per the authorisation issued by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007 (51 of 2007). 19 Payment in respect of deposits under National Savings Scheme, etc., referred to in section 393(3)(Table: Sl. No. 6). Payment made to- (a) an assessee being and individual; (b) heirs of an assessee. (5) Irrespective of anything contained in this Chapter, the tax shall not be deducted by any person from any amount payable to-- ....