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

Lower TDS rate of 2% on life insurance payouts from Oct 1, 2024 to simplify taxation of capital gains.

August 1, 2024

Notes Bill

Section 194DA mandates tax deduction at source (TDS) at 5% on payments made under life insurance policies, excluding exempt amounts. The proposed amendment reduces the TDS rate from 5% to 2%, effective October 1, 2024, rationalizing and simplifying taxation of capital gains from life insurance policies.

View Source

← Previous Next →

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

Lower TDS rate of 2% on life insurance payouts from Oct 1, 2024 to simplify taxation of capital gains.

August 1, 2024

Notes Bill

You may also like:

Section 194D mandates deduction of tax at source (TDS) on insurance commission payments to residents. Currently, the TDS rate is 5% for non-corporate entities. It is...

Individual or HUF responsible for paying rent exceeding Rs. 50,000 per month to resident required to deduct 5% TDS u/s 194-IB. Proposed amendment reduces TDS rate to 2%...

Taxation of capital gains proposed to be rationalized and simplified. Holding periods reduced to two categories: 12 months for listed securities, 24 months for other...

The appellant trust claimed to be formed for public charitable activities and registered under the Rajasthan Public Trust Act 1959, regularly filing its income tax...

Income Tax: Section 194F relating to Tax Deducted at Source (TDS) on payments made by Mutual Funds or Unit Trust of India (UTI) on repurchase of units, attracting a TDS...

Income Tax: Section 44 of the Income Tax Act provides for computing profits and gains of life insurance business based on the First Schedule. Rule 2 of the First...

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...

Rationalisation of Tax Deducted at Source rates is proposed. TDS rates to be reduced for sections 194D, 194DA, 194G, 194H, 194-IB, 194M, and 194-O, ranging from 0.1% to...

Rate of duty of excise increased from 10% to 12% and 1% to 2%

Income Tax: Section 194-O of the Income Tax Act provides for deduction of tax at source (TDS) at the rate of 1% on the gross amount of sales or services facilitated by...

Long term capital gain - sub-tenancy right - the assessee had a sub-tenancy right in the property and upon surrender thereof, the assessee received a sum which was...

Capital Gain - Transfer u/s 2(47)(v) - assessment year - AO himself has given credit for the amount of capital gains declared for the assessment year 2013-14, while...

The ITAT Mumbai addressed errors in capital gain computation. The Assessee's claim of ₹ 859,680 was accepted over the AO's ₹ 791,221. An application u/s 154...

The assessee, an NRI and resident of USA, transferred a capital asset and derived capital gain. The asset comprised rights and interests acquired through an assignment...

Capital gains taxation streamlined with short-term gains on certain financial assets attracting 20% tax and long-term gains on all assets attracting 12.5% tax. Exemption...

Quick Updates: