TaxTMI Login
Just a moment...
By creating an account you can:
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All TMI Notes
of of All TMI Notes
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Finance Bill 2019-20 Introduces 5% TDS u/s 194M for Payments Over Rs. 50 Lakh to Contractors, Professionals.</h1> The Finance Bill 2019-20 proposes the introduction of Section 194M to address tax evasion by individuals and Hindu Undivided Families (HUFs) who make payments to contractors and professionals without deducting tax at source (TDS). Currently, there is no TDS obligation on such payments for personal use or when the business is not audited. The new provision mandates a 5% TDS on payments exceeding fifty lakh rupees annually for contractual or professional services. To ease compliance, individuals and HUFs can deposit the deducted tax using their PAN without needing a Tax Deduction Account Number (TAN). This amendment is effective from September 1, 2019.
TaxTMI 
TaxTMI 