Apr 26 2009
Types of Income subject to deduction of tax at source
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Introduction
Earlier I have written article about TDS and how to avoid the TDS for Fixed Deposit?. If you are familiar with the term please read the articles which is explaining the TDS. In this post I will be explaining the types of income where TDS is collected. It is important to know the details because without your knowledge you may be involved in the income category where you will be spending more or facing legal problem because of your innocence. Lets go through the list of income category for the TDS collection. In this article I am not going to explain the each income category, just listing the points.
Types Of Income
- Salaries – Section 192
- Interest on Securities – section 193
- Other interest – Section 194A
- Winnings from Lottery or Crossword Puzzle – Section 194B
- Winning for horse race – Section 194BB
- Payment to resident contractors or other contractors – Section 194C
- Insurance Commission – Section 194D
- Payments to non-resident sportsmen – Section 194E
- Payments in respect of deposits under the NSS – Section 194EE
- Commission or brokerage – Section 194H
- Rent exceeding Rs.120000 – Section 194I
- Fees for professional or technical services – Section 194J
- Income from foreign currency – Section 196C
- Income from foreign institutional investors from securities – Section 196D
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