Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > S 194D to 194I
S 194D to 194I Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on S 194D to 194I Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is the difference between Section 194D and Section 194I of taxation? |  |
Ans. Section 194D of taxation pertains to the deduction of tax on insurance commission, while Section 194I relates to the deduction of tax on rent.
| 2. How is the tax deducted under Section 194D? | |
Ans. Tax is deducted under Section 194D at the rate of 10% on the commission paid or credited to an individual or a resident Hindu Undivided Family (HUF).
| 3. What are the provisions for tax deduction under Section 194I? | |
Ans. Under Section 194I, tax is deducted at the rate of 10% on the rent paid or credited to a resident individual, HUF, or any other person except for certain specified entities.
| 4. Are there any exemptions or thresholds for tax deduction under Section 194D? | |
Ans. Yes, the threshold limit for tax deduction under Section 194D is ₹15,000. If the commission paid or credited does not exceed this limit in a financial year, no tax deduction is required.
| 5. Can tax deduction under Section 194I be avoided if the rent is paid to a non-resident? | |
Ans. No, tax deduction under Section 194I is applicable on rent paid to any person, whether resident or non-resident. However, different rates and rules may apply for non-resident landlords as per the provisions of the Income Tax Act.
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Nov 16, 2024 Last updated |
Video Description: S 194D to 194I for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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