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What is Payments on account of repurchase of units by Mutual Fund or Unit Trust of India? What is Commission, etc., on the sale of lottery tickets? Section 194F and 194G of Income Tax Act 1961

Payments on account of repurchase of units by Mutual Fund or Unit Trust of India and Commission, etc., on the sale of lottery tickets are defined under section 194F and 194G of Income Tax Act 1961. Provisions under these Sections are :

Section 194F of Income Tax Act "Payments on account of repurchase of units by Mutual Fund or Unit Trust of India"

Section 194F. The person responsible for paying to any person any amount referred to in sub-section (2) of section 80CCB shall, at the time of payment thereof, deduct income-tax thereon at the rate of twenty per cent.

 

 

Section 194G of Income Tax Act "Commission, etc., on the sale of lottery tickets"

Section 194G. (1) Any person who is responsible for paying, on or after the 1st day of October, 1991 to any person, who is or has been stocking, distributing, purchasing or selling lottery tickets, any income by way of commission, remuneration or prize (by whatever name called) on such tickets in an amount exceeding one thousand rupees shall, at the time of credit of such income to the account of the payee or at the time of payment of such income in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of ten per cent.

(2) -
(3) -

Explanation.—For the purposes of this section, where any income is credited to any account, whether called "Suspense Account" or by any other name, in the books of account of the person liable to pay such income, such crediting shall be deemed to be credit of such income to the account of the payee and the provisions of this section shall apply accordingly.

Income Tax Act 1961

What is Consideration for know-how? What is Assessment as a firm? Section 180A and 184 of Income Tax Act 1961

What is the procedure of Assessment when section 184 not complied with? What is change in constitution of a firm? What is succession of one firm by another firm? Section 185, 187 and 188 of Income Tax Act 1961

What is Joint and several liability of partners for tax payable by firm? Firm dissolved or business discontinued? Section 188A and 189 of Income Tax Act 1961

What are the Provisions applicable to past assessments of firms? What is tax Deduction at source and advance payment? Section 189A and 190 of Income Tax Act 1961

What is Direct payment? What is Salary? Section 191 and 192 of Income Tax Act 1961

What is Payment of accumulated balance due to an employee? What is Interest on securities? Section 192A and 193 of Income Tax Act 1961

What are Dividends? Section 194 of Income Tax Act 1961

What is Rent? Section 194 I of Income Tax Act 1961

What is Interest other than Interest on securities? Section 194A of Income Tax Act 1961

What is Winnings from lottery or crossword puzzle? What is Winnings from horse race? Section 194B and 194BB of Income Tax Act 1961

What is Payments to contractors? Section 194C of Income Tax Act 1961

What is Insurance commission? What is Payment in respect of life insurance policy? Section 194D and 194 DA of Income Tax Act 1961

What is Payments to non-resident sportsmen or sports associations? What is Payments in respect of deposits under National Savings Scheme? Section 194E and 194EE of Income Tax Act 1961

What is Payments on account of repurchase of units by Mutual Fund or Unit Trust of India? What is Commission, etc., on the sale of lottery tickets? Section 194F and 194G of Income Tax Act 1961

What is Commission or brokerage? What is Payment on transfer of certain immovable property other than agricultural land? Section 194H and 194IA of Income Tax Act 1961

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