What is Section 194B?
According to section 194B of the Income-tax Act, 1961, the person responsible for paying to any person any income by way of winnings from lotteries or crossword puzzles, in an amount exceeding five thousand rupees shall, at the time of payment thereof, deduct income-tax thereon at the rates in force.
Is TDS applicable on honorarium?
The honorarium is no exception. Thus TDS is to be deducted on honorarium if treated as regular salary (sec 192), as per basic exemption limit stated in the Income Tax Act of relevant Assessment Years. If honorarium treated as consultancy(sec 194J), then deduct TDS at 10%, if basic limit crossed.
What is Section 80TTB of it act?
Section 80TTB of the Income Tax Act, 1961 allows a resident senior citizen to claim a deduction against interest on the deposit. It was introduced to provide benefits to old-aged taxpayers in the form of relaxation in interest income.
What is the rebate for AY 2021 22?
The amount of rebate u/s 87A for FY 2020-21 (AY 2021-22) has been kept unchanged under both old and new income tax regime. A resident individual having taxable income upto Rs 5,00,000 will get a tax rebate of Rs 12,500 or equal to the amount of tax payable (whichever is lower).
Can we claim TDS u/s 194B?
TDS applicability on lottery or game show income If the Prize money exceeds Rs 10,000, then the winner will receive the prize money after the deduction of TDS @31.2% u/s 194B. In the case of winnings from horse races, TDS will be applicable if the amount exceeds Rs 10,000.
How is honorarium calculated?
An honorarium is determined by the amount of work put into creating and delivering a service, such as a speech. For example, one hour of speaking may entail three days of effort. In addition, delivering a speech on multiple occasions requires hours of practicing and improving before each presentation.
Is GST payable on honorarium?
dated 04.06. 2018 has clarified that the honorarium paid by NRRDA (now NRIDA) to STAS/PTAs for the services rendered by them is liable to pay Service Tax/GST.
How is tax calculated?
Now, one pays tax on his/her net taxable income.
- For the first Rs. 2.5 lakh of your taxable income you pay zero tax.
- For the next Rs. 2.5 lakhs you pay 5% i.e. Rs 12,500.
- For the next 5 lakhs you pay 20% i.e. Rs 1,00,000.
- For your taxable income part which exceeds Rs. 10 lakhs you pay 30% on entire amount.
What is the TDs under section 194b of the Tax Act?
TDS under section 194B on winning from Lottery Under Section 194B of the Income Tax Act, 30 per cent tax is deducted on any prize money in excess of Rs 10,000 and other winnings from game Under Section 194B of the Income Tax Act, 30 per cent tax is deducted on any prize money in excess of Rs 10,000 and other winnings from game Menu Income Tax
What is section 194b of the Income Tax Act 1956?
Section 194B. According to section 194B of the Income Tax Act 1956, ‘The person responsible for paying to any person any income by way of winnings from lottery or crossword puzzle or card game and other game of any sort in an amount exceeding ten thousand rupees shall at the time of payment thereof, deduct income tax thereon at…
What does Section 80CCD of the Income Tax Act 1961 mean?
Section 80CCD of the Income Tax Act, 1961 refers to income tax deductions allowed to individual tax assessee on the contribution made towards notified pension schemes from central government i.e.
What’s the difference between 80CCD ( 1 ) and ( 1B )?
What is the difference between 80CCD(1) and 80CCD(1B)? Section 80CCD(1) allows a deduction of up to Rs. 1,50,000 for self-contributions to NPS or APY. Section 80CCD(1B) allows an additional deduction of up to Rs. 50,000 over and above the limit of Section 80CCD(1).