Circular for tds and tcs
WebApr 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. 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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WebApr 13, 2024 · TDS on e-commerce participants: 5 Lakh: 1%(01.10.2024) 1% (01.10.2024) 194P: TDS in case of Specified Senior Citizen: Not Applicable: Rates in Force 194Q: … Web• Belated and revised TCS & TDS returns of the relevant financial year filed during the financial year 2024-23 would also be considered for removing persons from the list of specified persons on a regular basis. 5. The deductor or the collector may check the …
Web2. Further, the rate of Tax Collection at Source (TCS) for the following specified receipts has also been reduced by 25% for the period from 14th May, 2024 to 31st March, 2024:- S. No Section of the In-come-tax Act Nature of Receipts Existing Rate of TCS Reduced rate from 14/05/2024 to 31/03/2024 1 206C(1) Sale of (a) Tendu Leaves 5% 3.75% 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.
WebApr 5, 2024 · Circular No. 24/2024 : Income-tax deduction from salaries during the Financial Year 2024-23 under section 192 of the Income-tax Act, 1961 7 December 2024 GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) CENTRAL BOARD OF DIRECT TAXES DEDUCTION OF TAX AT SOURCE- INCOME … WebApr 10, 2024 · TDS & TCS - TDS Rate chart FY 2024-24 AY 2024-25 TDS Rate chart 2024 24 TDS Rate AY 2024-25 TDS Rate. Skip to content. Follow us: 7530813450 ... Income Tax Circular; Income Tax Press Release; Income Tax Updates & Articles; Income Tax Act; TDS & TCS; Income Tax case law; Income Tax Return & Audit; Budget & Finance Act;
WebJun 29, 2016 · As per the Income-tax Act, if any person makes a payment to the receiver, then TDS is required to be deducted at a prescribed rate and then deposited with the …
WebMay 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... flamingo beach costa rica air bnbWebJun 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 … can pregnant women take cough syrupWebApr 12, 2024 · Even the CBDT has decided to impose no penalty under Section 271C of the Income Tax Act for non-deduction of TDS, and no penalty is contemplated under Section 271C for delayed remittance, payment, or deposit of the TDS. The court stated, asserting the CBDT’s Circular No. 551 dated January 23, 1998. The assessee was not required to … flamingo beach bar martiniqueWebApr 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. flamingo beach aruba massageWebJun 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. flamingo balloon archWebApr 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 … flamingo bay resort vegasWebApr 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 ... flamingo beach aruba day pass