Discuss the relevant provisions of Income-tax Act, 1961 with respect to tax deduction at source (TDS) and calculate amount of TDS also for the A.Y.…

(i) Acquisition of television rights Payment made by Marks Pictures Ltd. for acquisition of television rights of the content already produced by the Solar Varanasi LLP, a production house would not be liable for tax deduction at source under section 194C, since there is no contract for "carrying out any work", as required in section 194C. However, consideration for acquiring television right in respect of film would fall within the definition of royalty as defined in Explanation 2 to section 9 (1) (vi) . Accordingly, tax is required to be deducted u/s 194J @10% on 52 lakhs or - 5,20,000. (ii) Rent paid by a Salaried individual Since Mr. Mayank pays rent exceeding - 50,000 per month in the F.Y. 2024-25, he is liable to deduct tax at source under section 194-IB @5% till 30.09.2024 and thereafter @2%. The tax is to be deducted in the last month of the P.Y. 2024-25 i.e., March 2025 or in the last month of tenancy, if the property is vacated during the year. Since property is not vacated during the year,21,000 {10,50,000 [(₹ 75,000 x 6) + (₹ 1,00,000 x 6)] x 2%} has to be deducted from rent payable for March 2025.