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Home Acts & Rules Bill Bills FINANCE BILL, 2012 Chapters List Chapter III - Part 1 Direct Taxes - Income Tax This

Clause 70 - Amendment of section 194E. - FINANCE BILL, 2012

FINANCE BILL, 2012
Chapter III - Part 1
Direct Taxes - Income Tax
  • Contents

Amendment of section 194E.

     70. In section 194E of the Income-tax Act, with effect from the 1st day of July, 2012,—

           (a) after the words and brackets “is payable to a non-resident sportsman (including an athlete)”, the words “or an entertainer,” shall be inserted;

           (b) for the words “ten per cent.”, the words “twenty per cent.” shall be substituted.

 



 

Notes on Clauses:

Clause 70 of the Bill seeks to amend section 194E of the Income-tax Act relating to payments to non-resident sportsmen or sports associations.

The existing provisions in section 194E provide that where any income referred to in section 115BBA is payable to a non-resident sportsman (including an athlete) who is a non-citizen of India or a non-resident sports association or institution, the person responsible for making the payment shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of ten per cent.

It is proposed to amend the aforesaid section to make it also applicable to a non-resident entertainer who is a non-citizen and to increase the tax deduction at source on income referred to in the section from ten per cent. to twenty per cent.

This amendment will take effect from 1st July, 2012.

 
 
 
 

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