Match LIST-I with LIST-II under the Income-tax Act, 2025. LIST-I (Provision)LIST-II (Tax deducted at…
Under Chapter XIX-B of the Income-tax Act, 2025, deduction of tax at source is consolidated in sections 392 and 393: section 393(1) [Table: Sl. No. 7] covers dividend…
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Match LIST-I with LIST-II under the Income-tax Act, 2025.
| LIST-I (Provision) | LIST-II (Tax deducted at source on) |
|---|---|
| A. Section 393(1) [Table: Sl. No. 7] | I. Salary |
| B. Section 393(1) [Table: Sl. No. 6(i)] | II. Payment to a non-resident sportsman or sports association |
| C. Section 393(2) [Table: Sl. No. 1] | III. Payment to contractor |
| D. Section 392 | IV. Dividend |
Answer and explanation
Correct answer A
Under Chapter XIX-B of the Income-tax Act, 2025, deduction of tax at source is consolidated in sections 392 and 393: section 393(1) [Table: Sl. No. 7] covers dividend declared by a domestic company and paid to a resident (A-IV); section 393(1) [Table: Sl. No. 6(i)] covers sums paid to a resident contractor (B-III); section 393(2) [Table: Sl. No. 1] covers income of a non-resident sportsman (who is not a citizen of India) or a non-resident sports association (C-II); and section 392 covers salary (D-I) (formerly ss.194, 194C, 194E and 192 of the 1961 Act). Hence A-IV, B-III, C-II, D-I; each of the other options mismatches at least two pairs.
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UGC NET Commerce