Circular for tds and tcs

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August undefined, 2024

WebHome - Central Board of Direct Taxes, Government of India 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.

TDS Rate chart FY 2024-24 AY 2024-25 TDS Rate chart 2024 24 TDS …

WebNov 28, 2024 · Pay TDS in 30 seconds Difference between TDS and TCS Difference between TDS and TCS: Example Say the DFE Group Pvt. Ltd. pays Rs. 40,000 rent per month for their office space. Their annual rent amounts to Rs. 480,000. This amount exceeds the TDS non-deduction limit of Rs. 2,40,000. WebApr 11, 2024 · This book provides a detailed analysis of TDS & TCS provisions and guidance on controversial topics with supporting case laws. All provisions of TDS and … can am x3 wrapped

Due Dates for E-Filing of TDS & TCS Returns for FY 2024-23

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. WebApr 11, 2024 · Once the required information and documents are collected, the NRI can follow the steps below to apply for lower or nil TDS certificate. Step 1: Login to TRACES website www.tdscpc.gov.in with your User ID i.e., NRI's PAN, Password. Step 2: Go to "Statement/Forms" tab and click on Request for Form 13 to initiate the request. 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. can am x3 windshield washer kit

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Recent Changes In TCS/TDS on Sale-Purchase of Goods - TaxGuru

WebApr 11, 2024 · CBDT, vide Circular No. 4/2024 dated 05.04.2024, issues clarification regarding employer’s TDS liability on salary in the light of new default personal tax regime introduced by the Finance Act, 2024 under Section 115BAC (1A); CBDT directs that an employer, shall seek information from each of its employees having income under … WebApr 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 ... fishers gold and silverWebApr 11, 2024 · Transaction 1: Sold and Received prior to 1 Oct 2024 No TCS will be collected by seller as the said provision is applicable from 1st October, 2024 Transaction 2: Sold and Received after 1 Oct 2024 Aggregate value of total sales of Mr. A to Mr. B is ₹1.35 Crores (70 lakhs + 65 lakhs), exceeding the ₹50 lakhs in the FY 2024-21 Mr. can am x3 wiper kit install

"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

Circular for tds and tcs

Income Tax: CBDT eases Compliance of TDS / TCS - Taxscan

WebAug 28, 2024 · We will be coming out with a clarificatory circular very soon,” he said during an interaction on Thursday. Gupta said all issues on the canvass of section 194R of the … 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;

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WebNov 28, 2024 · TAX COLLECTED AT SOURCE (TCS) Meaning. TDS is tax deducted at source by any company or individual making a payment if the payment exceeds the … 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 …

WebSep 30, 2024 · The Central Board of Direct Taxes (CBDT) on September 29 issued a detailed clarification circular no 17 pertaining to the new TDS/TCS provisions set to be applicable from October 1, 2024, onward. The CBDt … WebHello Connections, The Income Tax Dept. Announced TDS rates applicable for AY 2024-25. #tds #tax #rates #announcement #incometax #tdsindia

Web15 Mar 2024. Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of February, 2024 has been paid without the production of a … 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 …

WebJun 25, 2024 · TCS is required to be collected @ 5% if buyer has not filed the returns of income for both of the two previous years immediately prior to the previous year in which tax is required to be collected, and the aggregate of tax deducted at source and tax collected at source in his case is rupees fifty thousand or more in each of these two previous …

WebJul 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 … fishers golf club fishers golf carts lakeview ohioWeb2. 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% can am x3 xrs turbo rr for sale near meWebApr 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 … fishersgravestoneWebOct 31, 2024 · The Central government has dropped the rate of the tax deducted at source (TDS) and the rate of tax collected at source (TCS) by 25 per cent on non-salaried … fishers golf coursesWebJun 22, 2024 · The list contains the name of taxpayers who have not filed ITR for both the years and has aggregate TDS and TCS of Rs 50,000 or more in each financial year, the circular stated. Incomes out of purview of this new law Do keep in mind that not all income on which TDS is applicable comes under the purview of the newly inserted law. fishers gooleWebMar 11, 2024 · Circular no. 14 of 2024. F. No. 370142/29/2024-TPL (Part 1) Government of India. Ministry of Finance. Department of Revenue. Central Board of Direct Taxes. (TPL … can am xt 1000 6x6 weight