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"
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"
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 fifteen 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 five 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.
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
