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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 d .....

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rom 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, institutions, etc. This amendment will take ef .....

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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 liabl .....

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ng 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 .....

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e previous year, shall deduct an amount equal to five per cent. of such income as income-tax thereon. It is further proposed that tax shall be deducted on such income at the time of credit of rent, for the last month of the previous year or the last .....

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