State the provisions of the Act applicable, and the rate at which the tax is either to be deducted or to be collected at source in the following independent cases: Payment of ₹5 lacs made to Mr. Phelps who is an athlete
CS Professional · Direct Tax Law & Practice · PYQS · June 2019
State the provisions of the Act applicable, and the rate at which the tax is either to be deducted or to be collected at source in the following independent cases: Payment of ₹5 lacs made to Mr. Phelps who is an athlete (resident) by a manufacturer of a swim wear as brand ambassador.
Answer & Explanation:
Payment of ₹5 lacs to athlete (Resident) by a manufacturer of swim war as its brand ambassador shall be subject to deduction of tax at source as per section 194J of the Income Tax Act, 1961, @ 10% of such amount of ₹5 lakhs.
Topics: Tax Deduction at Source (TDS)
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