Resident firm classification for advance ruling expands eligible applicants under service tax advance ruling framework. Notification declares resident firm as a class of persons eligible for advance rulings under section 96A of the Finance Act, 1994 for service tax. It defines "firm" to include partnerships under the Indian Partnership Act, limited liability partnerships (including those without a company partner), sole proprietorships, and One Person Companies, and links the term "resident" to the meaning in the Income-tax Act as applicable to a resident firm.
Section 194M - Payment of certain sums by certain individuals or Hindu undivided family (Rationalisation and Simplification of taxation of Capital Gains)
24 July, 2024
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TDS on payments for work, commission and professional fees reduced to a lower withholding rate, effective from October. Section 194M requires individuals and Hindu undivided families (except those already required to deduct under related contractor, commission or ... Summary
TDS on payments for work, commission and professional fees reduced to a lower withholding rate, effective from October.
Section 194M requires individuals and Hindu undivided families (except those already required to deduct under related contractor, commission or professional service provisions) to deduct tax at the earlier of credit or payment on sums for carrying out work (including supply of labour), commission or brokerage (excluding insurance commission), and fees for professional services. The Finance Bill proposes to reduce the prescribed withholding rate under Section 194M, with the amendment effective from 1 October 2024 as Clause 60.
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