India - Income Tax Act 2010 - Saarc

S. 194F I.T. ACT, 1961 1.754for soliciting or procuring insurance business (including business relating to thecontinuance, renewal or revival of policies of insurance) shall, at the time ofcredit of such income to the account of the payee or at the time of paymentthereof in cash or by issue of a cheque or draft or by any other mode, whicheveris earlier, deduct income-tax thereon at the rates in force :Provided that no deduction shall be made under this section from any suchincome credited or paid before the 1st day of June, 1973:]52[Provided further that no deduction shall be made under this section in a casewhere the amount of such income or, as the case may be, the aggregate of theamounts of such income credited or paid or likely to be credited or paid duringthe financial year to the account of, or to, the payee, does not exceed 52a [twenty]thousand rupees.]53[Payments to non-resident sportsmen or sports associations. 54194E. Where any income referred to in section 115BBA is payable to a nonresidentsportsman (including an athlete) who is not a citizen of India ora non-resident sports association or institution, the person responsible formaking the payment shall, at the time of credit of such income to the account ofthe payee or at the time of payment thereof in cash or by issue of a cheque or draftor by any other mode, whichever is earlier, deduct income-tax thereon at the rateof ten per cent.]55[Payments in respect of deposits under National Savings Scheme, etc. 56194EE. The person responsible for paying to any person any amount referredto in clause (a) of sub-section (2) of section 80CCA shall, at the time ofpayment thereof, deduct income-tax thereon at the rate of twenty per cent :Provided that no deduction shall be made under this section where the amountof such payment or, as the case may be, the aggregate amount of such paymentsto the payee during the financial year is less than two thousand five hundredrupees :Provided further that nothing contained in this section shall apply to the paymentof the said amount to the heirs of the assessee.]57[Payments on account of repurchase of units by Mutual Fund or Unit Trust ofIndia. 58194F. The person responsible for paying to any person any amount referred toin sub-section (2) of section 80CCB shall, at the time of payment thereof,deduct income-tax thereon at the rate of twenty per cent.]52. Inserted by the Finance Act, 1987, w.e.f. 1-6-1987.52a. Substituted for “five” by the Finance Act, 2010, w.e.f. 1-7-2010.53. Inserted by the Direct Tax Laws (Second Amendment) Act, 1989, w.e.f. 1-11-1989. Earliersection 194E, as inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988,was omitted by the Direct Tax Laws (Amendment) Act, 1989, with retrospective effectfrom the same date.54. See rules 30, 31, 31A, 31AB, 37A and 37BA and Form Nos. 16A, 26AS and 27Q.55. Inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-10-1991.56. See rules 29C, 30, 31, 31A, 31AB, 37 and 37BA and Form Nos. 15G, 15H, 16A, 26AS and 26Q.57. Inserted by the Finance Act, 1990, w.e.f. 1-4-1991.58. See rules 30, 31, 31A, 31AB, 37 and 37BA and Form Nos. 16A, 26AS and 26Q.