Circular for tds and tcs

Author: eqfu

August undefined, 2024

WebApr 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 … 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 …

CBDT Press Release Reg Reduction In Rate Of TDS And TCS

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 ... 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 … citius tech review

Clarificatory circular soon on applicability of TDS u/s 194R

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... 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 … WebApr 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. dice and spice board game cards

Difference Between TDS and TCS – A Complete Guide

TDS, TCS on Goods – Section 194Q, 206C(1H), 206AB & 206CCA …

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 … WebMay 18, 2024 · The Central Board of Direct Taxes (CBDT) has issued a circular prescribing the rules to follow to use the functionality developed to ease compliance for tax … citiustech rochester mnWebNov 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 … citiustech servicedesk

"WebMay 21, 2009 · credit for Tax Deducted at Source (TDS), Tax Collected at Source (TCS), advance tax and self assessment tax (hereinafter collectively referred to as ‘pre-paid taxes’) shall be allowed on the basis of information relating to pre-paid taxes furnished in the relevant schedules of the return " - Circular for tds and tcs

Circular for tds and tcs

Recent Legal and Practical Issues Pertaining to TDS & 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 … 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.

Did you know?

WebOct 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 … 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 …

WebNov 30, 2024 · Download CBDT Circular No. 20/2024 dated 25.11.2024 on TDS under sections 194-O and 194Q and TCS under section 206C(H) in pdf format Get all latest … 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.

WebJun 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. 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.

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: …

WebMay 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. … dice and fork menuWebJul 3, 2024 · Where a TDS/ TCS is required to be deducted/collected under any section (except section 192, 192A, 194B, 194BB, 194LBC or 194N) and aggregate of TDS and TCS deducted and collected as appearing in the 26AS of the buyer is Rs. 50 thousand or more in each of the two previous years, for which due date prescribed u/s 139 (1) is expired, the … dice arisugawa cardsWebApr 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. diceathlonWebSep 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 … dic-earthWebJun 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 … dice app for teamsWebJul 1, 2024 · The FINANCE ACT 2024 has introduced two new changes in rules relating to Tax deducted at source (TDS) or Tax collected at source (TCS). A. Higher TDS/TCS rate … citiustech solutionsWeb2. 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% citiustech ssl vpn