Section 194G mandates tax deduction at source (TDS) at 5% on ...

Lower 5% TDS on lottery commission/prizes to 2% from Oct 1, 2024 for income over Rs. 15,000.

Notes Bill

August 1, 2024

Section 194G mandates tax deduction at source (TDS) at 5% on commission, remuneration, or prize income exceeding INR 15,000 paid to persons involved in lottery ticket stocking, distribution, purchase, or sale. It is proposed to reduce the TDS rate under this section from 5% to 2%, effective October 1, 2024.

View Source

← Previous Next →

Section 194G mandates tax deduction at source (TDS) at 5% on ...

Lower 5% TDS on lottery commission/prizes to 2% from Oct 1, 2024 for income over Rs. 15,000.

Notes Bill

August 1, 2024

You may also like:

In the case, ITAT decided on two main issues: 1. Addition on account of Gold and Silver Jewellery u/s 69A: Assessee disclosed Rs. 70,00,000 as unexplained investment...

Applicability of the Foreign Exchange Regulation Act (FERA) provisions to a non-resident bank and its CEO. The bank was charged with contravening sections 64(2), 6(4),...

Contravention of Sections 8(1) and 9(1)(f)(i) of the Foreign Exchange Regulation Act, 1973 - receiving foreign exchange payments in 1996-97 through fake export documents...

Amendment to rules governing salary, allowances and service conditions of Chairperson and members of Insolvency and Bankruptcy Board of India. Key changes: Chairperson's...

Proprietorship concerns lack legal personhood; proprietor deemed necessary party. Proceeds of crime from VAT fraud laundered through multiple entities. Appellant's...

The Appellate Tribunal held that for determining the holding period of a property or calculating long-term capital gains, the date of allotment of the property is...

Provisional attachment of escrow bank account - shares of the petitioner / contractor - Joint Escrow account opened by the Principal - GST Evasion - we lift the...

Notification No. 11/2021 - Customs is being amended to revise the Agriculture Infrastructure and Development Cess (AIDC) rates on certain goods with effect from...

Income Tax: Section 194M mandates individuals or Hindu undivided families to deduct 5% TDS on payments made to residents for contract work, commissions, brokerage, or...

TDS u/s 194C - Addition u/s 201/201(1A) - TDS not deducted from the payments made to contractors under various schemes - The proviso clearly states that nothing...

Meaning of "business trust” u/s 2(13A) amended - Section 2(1) to 2(15) of the Income-tax Act, 1961

Notification 38/2024 Customs extends the duration for export of aircraft and vessels imported for maintenance, repair and overhauling from 6 months to 1 year, further...

The notification amends the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules,...

Vires of definition of dealer - validity of Section 2(15)(ix) and explanation 1 of Section 2 (33(vi)) of TNVAT - Post GST era - Mere apprehension of the petitioner does...

Importer imported footwear and evaded duty by deliberately claiming lesser IGST rate, violating N/N. 1/2017 which mandated mentioning sale price on footwear to claim...

Quick Updates: