Circular for tds and tcs
WebApr 11, 2024 · No.370142/06/2024-TPL dated 05th April, 2024. Department issued an Clarification regarding deduction of TDS under section 192 read with sub-section (IA) of section 115BAC of the Income-tax Act, 1961, Text of the circular are given below:-. Vide Finance Act, 2024, sub-section (lA) has been inserted in section 115BAC of the Income … WebMar 22, 2024 · The CBDT issued a circular on May 17, 2024, clarifying on whom higher TDS/TCS will be applicable in the current financial year (FY 2024-23) and how tax deductors can identify such persons. Read on to know if higher TDS/TCS will be applicable to you. 19 May, 2024, 02:30 PM IST. TDS rates on salary, interest and other incomes for FY 2024 …
Circular for tds and tcs
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WebMay 18, 2024 · In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of Tax … WebJun 23, 2024 · As you may be aware, Finance Act 2024 has inserted sec 194Q under Income Tax Act 1961 w.e.f 1st July 2024, introducing TDS (Tax Deducted at Source) on purchase of goods @ 0.1%. Buyers whose total turnover exceeds INR 10 crores in immediate Previous Year, are liable to deduct TDS on value of purchase of goods …
WebApr 11, 2024 · This book provides a ready referencer for all sections of tax deducted at source (TDS) and tax collected at source (TCS) of the Income-tax Act. All provisions of TDS and TCS are covered in independent chapters with prominent headings for pinpointed discussions on all aspects of the law and its compliance. WebJun 29, 2024 · This is because introduction of TDS on purchase of goods exponentially expands TDS net and the interplay between TDS and TCS provisions requires validation of buyer's turnover and transaction amount. Where transaction value exceeds Rs 50 lakh and buyer's turnover exceeds Rs 10 crores in the earlier year, TDS would apply over TCS.
WebJun 18, 2024 · Arpan Jain , 18 June 2024 Share TDS u/s 194Q, which was introduced via Finance 2024 has a stark similarity to Section 206C (1H) which was introduced in … WebJun 19, 2024 · As filing of return and his TDS / TCS of a taxpayer is his person information, so it is not available in public domain to verify this. Therefore, it was expected that Income Tax Department will provide a utility or a tool to verify whether a person has filed two income tax returns or not and what is his aggregate TDS / TCS in both the years.
WebSep 29, 2024 · It has been clarified by the CBDT Circular No. 17/2024 dtd. 29-09-2024 that, ... The general compliances to be undertaken for all TDS/TCS like payment of tax by 7 th of every month, filing of quarterly return within 15 days of the end of the quarter and subsequent issue of TCS Form shall apply to these transactions as well.
Web4.1 In this regard, vide circular no. 17 of2024 dated 29.09.2024, guideli nes were issued by the Board (with the approval of the Central Government) in relation to the provisions of section 194-0 and section 206C(1 H) of the Act in certain cases to remove difficulties and provide clarity for certain transactions. lithium mr spcWebMay 14, 2024 · In the notification, the CBDT said while TCS on sale of motor vehicles above ₹10 lakh has been cut to 0.75% from the 1% earlier, TDS on 23 items has been reduced. … imran khan charity floodWebApr 10, 2024 · The provisions contained in Section 194-I of the Income Tax Act, 1961 define how one should deduct TDS on rent. Section 194I imposes an obligation for TDS deduction on persons making rental payments to resident Indians exceeding Rs.2,40,000 in a financial year. Section 194-I was introduced to bring rent under the purview of TDS provisions as ... imran khan contemptWebMay 14, 2024 · Following Finance Minister Nirmala Sitharaman’s announcement of a reduction in the rate of tax deducted at source (TDS) and tax collected at source (TCS) for non-salaried payments, the Central... imran khan cnn interview becky andersonWebHome - Central Board of Direct Taxes, Government of India imran khan chancellor of bradford universityWebJul 24, 2024 · It casts the obligation on the person acting as a tax collector on behalf of the government, not directly on the taxpayer and puts the obligation on the agent to collect the tax and pay it to the … imran khan cancer foundationWebApr 1, 2024 · Now we analyze the relationship between TCS u/s. 206 C and TDS u/s. 194 Q of Income Tax Act, 1962. Common points between these two sections: – 1. Both sections are applicable on goods. 2. Both are applicable in case of domestic transactions. 3. Both are applicable when aggregate value exceeds Rs. 50 Lac in previous year. 4. imran khan charity pakistan flood