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TAX DEDUCTION AT SOURCE

TAX DEDUCTION AT SOURCE. DAY 5 SESSION 1 & 2 Slide 5.1. Introduction . Two broad head of levy of tax are Direct levy and Tax deduction at source Deduction of tax at source is a convenient method of tax coll ection is less painful to the person from whose income such tax is deducted

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TAX DEDUCTION AT SOURCE

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  1. TAX DEDUCTION AT SOURCE DAY 5 SESSION 1 & 2 Slide 5.1

  2. Introduction • Two broad head of levy of tax are • Direct levy and • Tax deduction at source • Deduction of tax at source is a convenient method of tax collection • is less painful to the person from whose income such tax is deducted • saves time on the part of the income-tax department Slide 5.1

  3. Introduction • Tax deduction is the responsibility of the person making the payment i.e. • Employer in the case of salary paid to employee • payer of interest i.e. borrower • In the case of winnings from lottery, crossword puzzles, horse races, as the person who makes the payment • In all other cases too the payer of the income Slide 5.1

  4. Incomes subject to TDS • Salary income (s.192) • Interest on securities (s.193) • Dividends (s. 194) • Interest other than interest on securities (s. 194A) • Winnings from lottery or crossword puzzles (s. 194B) Slide 5.1

  5. Incomes subject to TDS • Winnings from horse races (s. 194BB) • Payments to contractors or sub-contractors (s.194C) • Insurance commission (s.194D) • Payments to non-resident sportsmen or sports associations (s.194E) • Payments in respect of deposits under national savings scheme etc. (s.194EE) Slide 5.1

  6. Incomes subject to TDS • Payments in respect of repurchase of units by mutual fund or unit trust of India (s.194F) • Commission on sale of lottery tickets (s.194G) • Commission, brokerage etc. (s.194H) • Rent (s.194I) • Fees for profession-al or technical services [Sec. 194J] Slide 5.1

  7. Incomes subject to TDS • Income in respect of units [Sec. 194K] • Payment to non-resident [Sec. 195] • Units held by an Off-shore Fund [Sec. 196B], • Income from foreign currency bonds [Sec. 196C] • Income of Foreign Institutional Investors from securities [Sec. 196D] Slide 5.1

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