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S 194 TDS on Deemed Dividend Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on S 194 TDS on Deemed Dividend Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is deemed dividend taxation under section 194 TDS? |  |
Ans. Deemed dividend taxation under section 194 TDS refers to the taxation of deemed dividends, which are treated as dividends for tax purposes even though they may not meet the technical definition of dividends. Section 194 of the Income Tax Act requires the deduction of tax at source (TDS) on deemed dividends, ensuring that the tax liability is fulfilled by the recipient of such income.
| 2. How are deemed dividends different from regular dividends? | |
Ans. Deemed dividends differ from regular dividends in that they are not distributed profits by a company, but are treated as dividends for tax purposes. Regular dividends are the actual profits distributed to shareholders, while deemed dividends include certain transactions or payments that are deemed to be equivalent to dividends by the Income Tax Act.
| 3. What types of transactions or payments can be considered as deemed dividends? | |
Ans. Various transactions or payments can be considered as deemed dividends, such as loans or advances given by a closely-held company to its shareholders or their relatives, certain payments made by a company to its shareholders in connection with the transfer of shares, and any payment made by a company for acquiring its own shares from a shareholder.
| 4. Is TDS applicable on all deemed dividends? | |
Ans. Yes, TDS is applicable on all deemed dividends covered under section 194 of the Income Tax Act. The person responsible for making the payment is required to deduct tax at source at the specified rate and deposit it with the government. The recipient of the deemed dividend income can claim credit for the TDS deducted while filing their income tax return.
| 5. Are there any exemptions or thresholds for TDS on deemed dividends? | |
Ans. Yes, there are certain exemptions and thresholds for TDS on deemed dividends. For example, the provision of section 194 TDS does not apply to deemed dividends received from a venture capital company or venture capital fund. Additionally, if the total deemed dividend income during the financial year does not exceed Rs. 5,000, no TDS would be required to be deducted. However, it is advisable to consult a tax professional for specific details and applicability of exemptions.
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Dec 20, 2024 Last updated |
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