Although in some cases, quoting of PAN for certain type of transaction is must, for most of the transactions quoting of PAN is optional yet
Tax Deduction at Source
Though Tax is payable in the Assessment Year, Government collects tax on certain payments to safeguard its interest on revenue. Assessee can claim credit of such already deducted tax at the time of filing their returns. The compliance of Tax Deduction at Source (TDS) generally lies with the person making the payment. However, in certain cases, person receiving the income has also been assigned to comply with TDS provisions.
Section 194D deals with Tax Deduction on payment of insurance commission. This section casts responsibility on any person responsible for paying to a resident any
Provisions related to Tax Deduction at Source (TDS) that are applicable on payments to contractors and sub-contractors are in Section 194C of the Income Tax
Section 194A deals with TDS on interest other than the interest on securities. Provisions related to the TDS on interest on securities are in section
Dividends attract dividend distribution tax @ 15% in the hands of the company. There is no liability to pay tax on individuals receiving it from
Interest on Securities is taxable in India. Further, Section 193 of the Income Tax Act, 1961 provides for Tax Deduction at Source. This section casts
Section 192 of the Income Tax Act, 1962 deals with the provisions related to TDS in the case of Salary. Highlights of this section are