Insertion of new section 194T
Section 62 of the Finance Act, 2024 (No. 2) deals with insertion of new section 194T. Insertion of new section 194T. 62. After section 194S of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2025, namely:— "194T. The Act was enacted on 16 Aug 2024.
Insertion of new section 194T.
62. After section 194S of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2025, namely:—
"194T. Payments to partners of firms.— (1) Any person, being a firm, responsible for paying any sum in the nature of salary, remuneration, commission, bonus or interest to a partner of the firm, shall, at the time of credit of such sum to the account of the partner (including the capital account) or at the time of payment thereof, whichever is earlier shall, deduct income-tax thereon at the rate of ten per cent.
(2) No deduction shall be made under sub-section (1) where such sum or the aggregate of such sums credited or paid or likely to be credited or paid to the partner of the firm does not exceed twenty thousand rupees during the financial year.".
Section 62, The Finance Act, 2024 (No. 2).
Cross-references
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Questions about Section 62
What does Section 62 of the Finance Act, 2024 (No. 2) deal with?
Section 62 of the Finance Act, 2024 (No. 2) is headed "Insertion of new section 194T". Insertion of new section 194T. 62. After section 194S of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2025, namely:— "194T.
How do I find court cases under Section 62 of the Finance Act, 2024 (No. 2)?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act, 2024 (No. 2) 62, section 62 Finance Act, 2024 (No. 2), section 62 of the Finance Act, 2024 (No. 2). Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 62 of the Finance Act, 2024 (No. 2), and has it changed?
Its own text turns on Income-tax Act 194S (Payment on transfer of virtual digital asset), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.
When was Section 62 of the Finance Act, 2024 (No. 2) enacted?
Section 62 of the Finance Act, 2024 (No. 2), cited as Finance Act, 2024 (No. 2) 62, was enacted on 16 Aug 2024. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. -10716 words
- 2. Income-tax9063 words
- 49. Substitution of new Chapter for Chapter XIV-B4593 words
- Fourth Schedule. -1864 words
- 138. Insertion of section 74A1329 words
- 89. Definitions889 words
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