TDS on Payments Under National Savings Scheme Introduction Tax Deducted at Source (TDS) must be deducted on payments under the National Savings Scheme (NSS) under Section 194EE. The applicable TDS rate is 10% on the total amount (principal + interest). Applicability Deductor– Any person making payments under NSS. Deductee– Both residents and non-residents receiving NSS payouts. Rate… Read More »
TDS on Payments to Non-Resident Sports Persons Introduction Tax Deducted at Source (TDS) must be deducted on payments made to non-resident sports persons, entertainers, or sports associations under Section 194E. The applicable TDS rate is 20% plus surcharge and cess. Applicability Deductor– Any person making specified payments to a non-resident sports person, entertainer, or sports association. Deductee–… Read More »
TDS on Life Insurance Policy Payments Introduction Tax Deducted at Source (TDS) must be deducted on payments made under a life insurance policy to residents under Section 194DA. The TDS rate is 2% on the income component within the payment amount. TDS applies only if the gross payout (including bonus) is Rs. 1 lakh or more in… Read More »
TDS on Insurance Commission Introduction Tax must be deducted on payments made as insurance commission to residents under Section 194D of the Income-tax Act. The applicable TDS rate is 5% for individuals, firms, etc. and 10% for domestic companies. Applicability TDS applies to any person (individual, firm, company, etc.) making payments for soliciting, procuring, continuing, renewing, or… Read More »
TDS ON PROPERTY PURCHASE 2026-27 ! NEW UPDATE PART PAYMENT ! Summary This video provides a critical update for property buyers regarding the transition to the new Indian Income Tax rules effective from April 1, 2026. It specifically addresses the confusion surrounding partial payments made before and after the 31st of March deadline. Key takeaways… Read More »
Important GST Case Laws 04.05.2026 Relevant Act Section Case Law Title Citation Brief Summary CGST Act Sec 9 PEE AAR Automotive Technologies (P.) Ltd., In re Click Here Classification: Condenser fans and blowers for bus ACs are classifiable as Parts (Heading 8415 90) rather than industrial fans (8414). CGST Act Sec 9 Arti Pitaliya, In… Read More »
Classification of Rubber Rings: Material Composition and Principal Use in Irrigation Systems Facts The Products: The applicant manufactures vulcanized rubber rings specifically designed for use in sprinkler and drip irrigation systems. The Dispute: The manufacturer sought an advance ruling on whether these rings, when supplied separately, could be classified as “parts” of irrigation systems. Assessee’s… Read More »
Reading Down Section 16(2)(c): ITC Protection for Bona Fide Recipients Facts The Petitioner: A private limited company registered under the CGST/KGST Acts, primarily engaged in providing logistics services. The Dispute: The Petitioner challenged the constitutional validity of Section 16(2)(c) and Rule 36(4). The Impugned Provision: Section 16(2)(c) mandates that Input Tax Credit (ITC) can only… Read More »
TDS on Payment to Contractors Introduction Tax is deducted at source (TDS) under section 194C on payments made to resident contractors for carrying out any work, including the supply of labour. The applicable TDS rate is 1% or 2%, depending on the recipient. TDS is deducted at the time of credit or payment, whichever is earlier. Applicability… Read More »
TDS on Winnings from Horse Races Introduction Tax is deducted at source (TDS) at 30% under section 194BB on winnings from horse races (excluding online games). TDS is deducted at the time of payment. Applicability of TDS Deductor:A book-maker or a licensee authorized by the government to conduct horse racing or betting at a racecourse. Deductee:Any resident… Read More »