Section 269ST of Income Tax act, 1961 - Legodesk.
The person collecting tax on or after 1.4.2005 in accordance with the provisions of section 206C(1), or (1C), or (1D) ((ID) omitted w.e.f. 1.4.2017) shall, after paying the tax collected to the credit of the Central Government within the prescribed time, prepare such statement for such period as may be prescribed and deliver or cause to be delivered to the Principal Director General of Income.
Before amendment of clause (m) of section 21, vide Finance Act, 2008, any salary paid or payable exceeding Rs.10,000 per month, if not paid through crossed cheque or direct transfer to the employee’s bank account, was an inadmissible deduction against business income of the employer.
On the income above Rs 20,000, the society has to pay tax at 30 per cent of the income. In addition to the above, the society will have to pay a surcharge of 12 per cent on the tax, in case the income exceeds Rs one crore in the year. The tax calculated shall also attract an education cess of three per cent.
Every banking company shall, at the time of making a payment for cash withdrawal exceeding twenty-five thousand rupees, deduct tax from the payment at the rate specified in Division VI of Part IV of the First Schedule; (2) Advance tax under this section shall not be.
Finance Act 2018 introduced provisions allowing the tax authorities to enquire as to the source and nature of foreign currency remittances from outside Pakistan that exceed PKR 10 million per person per year, even if the remittance is made through regular banking channels, converted to PKR by an authorized bank and the appropriate certificate is issued by the bank.
Where the cash has been withdrawn by any person who has not filed return of income for three immediately preceding financial years, the threshold of INR 10 million will be read as INR 2 million and tax shall be deducted at 2% on amount exceeding INR 2 million but not exceeding INR 10 million and 5% on amount above INR 10 million.
Section 194N of Income Tax Act: TDS on payment of certain amounts in cash. Deductor: Bank, Co-operative bank or a post office. Threshold limit: If aggregate payment in cash from one or more accounts during a previous year to an account holder exceeds the threshold limit given below.