Frequently Asked on TCS on Liberalized Remittance Scheme. Questions: 1. what is the effective date of introduction of the tax implications? The effectiveness of the Tax collected at the source clause on international remittances is updated from 1 April 2020 to 1 October 2020. Question:2. What all transactions will be affected by this Tax collected …
Overview of TDS Under Section 206AB & 206CCA Section 206AB and 206CCA, effective from national holiday, 2021, primarily requires for deduction (TDS) and collection (TCS) of tax respectively at a higher rate* for the required person. A specified person could be a person Who has not filed tax returns for two assessment years relevant to …
ALL ABOUT SECTION 206C(1H) BASIS SECTION 194Q SECTION 206C(1H) OBLIGATION BUYER SELLER TURNOVER LIMIT TO DETERMINE APPLICABILITY PREVIOUS YEAR TURNOVER/ GROSS RECEIPTS OF BUYER EXCEEDS 1 0CR PREVIOUS YEAR TURNOVER/ GROSS RECEIPTS OF SELLER EXCEEDS 10CR EFFECTIVE DATE 1ST JULY, 2021 1ST OCTOBER 2020 THRESHOLD LIMIT PURCHASE IN EXCESS OF 50 LACS FROM EACH SELLER …
CBDT Guidelines on applicability of TDS Provision U/s 194R TDS Rate U/s 194R The Finance Act 2022 added a new section in the Income tax Act section 194R. Budget 2022-23 included a new section 194R towards TDS (tax deducted at source) to the Income-tax Act, 1961 with effect from July 1, 2022,. The new section …
TDS on Professional & Technical Services charges According to section 194J related to deduction of TDS in case of charges for technical or professional services. It is applicable to Tax deducted as source (section 194J) on payment of any sum by way of – fees for Professional services Royalty Remuneration or fees or commission paid …
Analysis of TDS & TCS under The Finance Bill BRIEF INTRODUCTION The Union Budget which was introduced within the Parliament, in February, proposed many key adjustments within the tax Act. Especially, some of the positive amendments have been introduced within the TDS and TCS provisions of the said Act. In this article, we would be …
TDS on purchase of goods Section 194Q V/s TCS on Sale of goods Section 206C (1H): Q.: Is the new section mentioned u/s 206C(1H)? The new TCS statutes went into effect on 1 October 2020, and if your turnover was more than 10 crores in the past financial year, i.e. the year ended 31 March …
Tax collection at source Rate Chart for Assessment Year 2024-2025 – Income Tax TDS is one of the key regulatory frameworks for the Income Tax Authority. Each deductor shall deduct the TDS at the specified rate if the payment exceeds the limit specified in that respective section under income tax. There are different sections of …
www.carajput.com; TDS NEW SECTION 194Q TDS on Purchase of Goods (Budget 2021) Govt introduced new TDS Section 194Q effective from 01-July-2021, which states that any person who is a buyer, liable to pay any sum to any resident (hereinafter referred to as the seller in this section) for the purchase of any goods of a …