TMI BlogADDITIONAL RESOURCE MOBILISATION - DIRECT TAXESX X X X Extracts X X X X X X X X Extracts X X X X ..... e of 10% on gross basis in case of a resident individual, Hindu undivided family or firm. With a view to ensure horizontal equity among all categories of tax payers deriving income from dividend, it is proposed to amend section 115BBDA so as to provide that the provisions of said section shall be applicable to all resident assessees except domestic company and certain funds, trusts, institution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isting provisions of the aforesaid section, an Individual and HUF, being a payer (other than those liable for tax audit) are out of the scope of section 194-I of the Act. In order to widen the scope of tax deduction at source, it is proposed to insert a new section 194-IB in the Act to provide that Individuals or a HUF (other than those covered under 44AB of the Act), responsible for paying to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e deductor shall be liable to deduct tax only once in a previous year. It is also proposed to provide that where the tax is required to be deducted as per the provisions of section 206AA, such deduction shall not exceed the amount of rent payable for the last month of the previous year or the last month of the tenancy, as the case may be. This amendment will take effect from 1st June, 2017. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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