CBDT New Form 12BAA allows employees to inform their employers of taxes already paid on other income sources. The Central Board of Direct Taxes has introduced Form 12BAA following Budget 2024’s announcement to facilitate employees in reporting tax deductions collected from sources other than their salary. This form allows employees to inform their employers about …
Tax Deducted at Source rates chart proposed in Union Budget 2024 have been approved in the Finance Bill: Budget 2024 introduced several tax reforms & Income Tax amendments, which were ratified in the Finance Bill and became effective from Oct 1, 2024. Some of the key changes include revised TDS rates and adjustments to other …
Allowing TDS Credit to a Person Other Than the Recipient Need for Allowance of TDS Credit in the Hands of a Person Other Than the Recipient: Section 199 of the Income Tax Act, 1961, read with Rule 37BA of the Income Tax Act, 1961of the Income Tax Rules, stipulates that Tax deduction at source credit …
Overview on TDS U/s 194T- Payment to partners of firm Introduction of Section 194T: Prior to this, Tax Deducted at Source was not applicable on payments like salary, remuneration, interest, or commission made to partners by the firm. However, TDS was applicable on payments to employees of the firm. Section 194T now mandates that Tax …
CBDT: TDS/TCS provisions on death of deductee/collectee before linking of PAN & Aadhaar The Central Board of Direct Taxes has issued Circular No. 8 of 2024 on August 5, 2024, providing relaxations in the TDS and TCS (Tax Collected at Source) provisions under the Income-tax Act, 1961, in the event of the death of the …
Eligibility U/S 197 for a certificate for Nil or lower TDS deduction Income Covered & Eligibility Condition of Apply U/s 197 Applicants must demonstrate that their projected tax liability for the fiscal year is lower than the TDS amount deducted at standard rates as per eligibility u/s 197 for a certificate for Nil or lower …
TCS on Fund Transfer Outside India – Under LRS (Liberalised Remittance Scheme) As per Finance Act 2020 (amended by Finance Act 2023), any remittance of funds outside India under the Liberalised Remittance Scheme (LRS) is subject to TCS (Tax Collected at Source) under Section 206C(1G) of the Income Tax Act. Key TCS Provisions on Foreign …
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 …