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ADDITIONAL RESOURCE MOBILISATION - DIRECT TAXES

B. - Bill - Memorandum Explaining the Provisions in The Finance Bill, 2017 - Bill - B. - B. ADDITIONAL RESOURCE MOBILISATION Rationalization of taxation of income by way of dividend Under the existing provisions of section 115BBDA, income by way of dividend in excess of ₹ 10 lakh is chargeable to tax at the rate 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 f .....

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tion 194-I of the Act, inter alia, provide for deduction of tax at source at the time of credit or payment of rent to the account of the payee beyond a threshold limit. It is further provide that an Individual or a Hindu undivided family who is liable for tax audit under section 44AB for any financial year immediately preceding the financial year in which such income by way of rent is credited or paid shall be required to deduction of tax at source under this section. Therefore, under the existi .....

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