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 …
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 …
Overview on the case ( Zephyr Biomedicals Vs JCIT (High Court of Bombay at Goa)) – No TDS U/s 194C on reimbursement of freight charges to C&F Agents. The issue is whether the payments to C&F agents that are entirely recovered for freight charges which have no element of gain are liable in compliance with …
ITAT grant Relief Order: No TDS Required to be deducted on medical Cash Benefit to LIC employees In a significant ruling granting relief to the LIC Act granting advantages to the LIC Held by ITAT the Bangalore bench. LIC doesn’t need to deduct TDS on cash payment of cash medical benefit to its employees. This …
The GST & TDS Rate for Coworking Spaces need to be cut off in Budget 2021 Coworking office buildings have had a significant increase in previous years but at present, the rate of Tax Deduction Source applied to coworking facilities services is Ten Percent because co-working companies offer rental services to both immovable and …
TAX Deducted at Source (TDS) has been adopted with the purpose of collecting tax from the source of earning of assesse. According to this concept, an individual (deductor) who is liable to make payment of specified nature to some other person (deductee) shall deduct tax at source and remit the same tax to the …
Complete Coverage about TAN (Tax Deduction & Collection Account Number) WHAT IS TAN? TAN is a Tax Deduction and Collection Account Number. It is a ten-digit alphanumeric number code and mandatory for firms or individuals or Companies deducting Tax Deductions at sources. Tax Deduction and Collection Account Number(TAN) which is required to be quoted on …