{"id":13282,"date":"2021-07-10T01:46:25","date_gmt":"2021-07-09T20:16:25","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=13282"},"modified":"2024-06-14T13:20:04","modified_gmt":"2024-06-14T07:50:04","slug":"analysis-of-tds-and-tcs-under-finance-bill-2021","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/analysis-of-tds-and-tcs-under-finance-bill-2021\/","title":{"rendered":"Analysis of TDS &#038; TCS under the Finance Bill"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e154a936f45\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e154a936f45\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/analysis-of-tds-and-tcs-under-finance-bill-2021\/#Analysis_of_TDS_TCS_under_The_Finance_Bill\" title=\"Analysis of TDS &amp; TCS under The Finance Bill\">Analysis of TDS &amp; TCS under The Finance Bill<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/analysis-of-tds-and-tcs-under-finance-bill-2021\/#BRIEF_INTRODUCTION\" title=\"BRIEF INTRODUCTION\">BRIEF INTRODUCTION<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/analysis-of-tds-and-tcs-under-finance-bill-2021\/#TDS_to_be_Deducted_on_Dividend_Paid_to_a_Business_Trust\" title=\"TDS to be Deducted on Dividend Paid to a Business Trust\">TDS to be Deducted on Dividend Paid to a Business Trust<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/analysis-of-tds-and-tcs-under-finance-bill-2021\/#TDS_on_Interest_Payment_by_an_Infrastructure_Debt_Fund\" title=\"TDS on Interest Payment by an Infrastructure Debt Fund\">TDS on Interest Payment by an Infrastructure Debt Fund<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/analysis-of-tds-and-tcs-under-finance-bill-2021\/#HIGHER_RATE_OF_TDS_DEDUCTION_IN_CASE_OF_NON-FILERS_OF_ITR\" title=\"HIGHER RATE OF TDS DEDUCTION IN CASE OF NON-FILERS OF ITR\">HIGHER RATE OF TDS DEDUCTION IN CASE OF NON-FILERS OF ITR<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/analysis-of-tds-and-tcs-under-finance-bill-2021\/#Deduction_In_case_of_Senior_Citizens_with_age_of_75_Years_Or_More\" title=\"Deduction In case of Senior Citizens with age of 75 Years Or More\">Deduction In case of Senior Citizens with age of 75 Years Or More<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/analysis-of-tds-and-tcs-under-finance-bill-2021\/#SPECIFIED_SENIOR_CITIZEN\" title=\"SPECIFIED SENIOR CITIZEN\">SPECIFIED SENIOR CITIZEN<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/analysis-of-tds-and-tcs-under-finance-bill-2021\/#BENEFIT_IN_REAL_TERMS\" title=\"BENEFIT IN REAL TERMS\">BENEFIT IN REAL TERMS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/analysis-of-tds-and-tcs-under-finance-bill-2021\/#TDS_ON_PURCHASE_OF_GOODS\" title=\"TDS ON PURCHASE OF GOODS\">TDS ON PURCHASE OF GOODS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/analysis-of-tds-and-tcs-under-finance-bill-2021\/#HIGHER_RATE_OF_TDS_US_194Q\" title=\"HIGHER RATE OF TDS U\/S 194Q\">HIGHER RATE OF TDS U\/S 194Q<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/analysis-of-tds-and-tcs-under-finance-bill-2021\/#CASES_UNDER_SECTION_194Q\" title=\"CASES UNDER SECTION 194Q\">CASES UNDER SECTION 194Q<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/carajput.com\/blog\/analysis-of-tds-and-tcs-under-finance-bill-2021\/#AMENDMENT_TO_SECTION_196D\" title=\"AMENDMENT TO SECTION 196D\">AMENDMENT TO SECTION 196D<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/carajput.com\/blog\/analysis-of-tds-and-tcs-under-finance-bill-2021\/#SECTION_206AB_AND_206CCA\" title=\"SECTION 206AB AND 206CCA\">SECTION 206AB AND 206CCA<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/carajput.com\/blog\/analysis-of-tds-and-tcs-under-finance-bill-2021\/#NEW_SECTION_206AB_206CCA\" title=\"NEW SECTION 206AB\/ 206CCA\">NEW SECTION 206AB\/ 206CCA<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/carajput.com\/blog\/analysis-of-tds-and-tcs-under-finance-bill-2021\/#IMPORTANT_INTERPRETATIONS\" title=\"IMPORTANT INTERPRETATIONS\">IMPORTANT INTERPRETATIONS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/carajput.com\/blog\/analysis-of-tds-and-tcs-under-finance-bill-2021\/#SECTION_194Q\" title=\"SECTION 194Q\">SECTION 194Q<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/carajput.com\/blog\/analysis-of-tds-and-tcs-under-finance-bill-2021\/#latest_TDS_Rate_Chart_for_the_FY_2024-25\" title=\"latest TDS Rate Chart for the FY 2024-25 :\u00a0\">latest TDS Rate Chart for the FY 2024-25 :\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-11637\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/12\/income-tax-1024x683-1.jpg\" alt=\"www.carajput.com; income tax Act, 1949-TDS\" width=\"1024\" height=\"683\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/12\/income-tax-1024x683-1.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/12\/income-tax-1024x683-1-300x200.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/12\/income-tax-1024x683-1-768x512.jpg 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Analysis_of_TDS_TCS_under_The_Finance_Bill\"><\/span><span style=\"color: #ff0000;\">Analysis of TDS &amp; TCS under The Finance Bill<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"BRIEF_INTRODUCTION\"><\/span><span style=\"color: #000080;\"><strong>BRIEF INTRODUCTION<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The Union Budget which was introduced within the Parliament, in February,\u00a0 proposed many key adjustments within the tax Act.<\/li>\n<li>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 evaluating the modifications that are proposed within the<a href=\"https:\/\/carajput.com\/tds.php\">\u00a0TDS\/ TCS provisions\u00a0within the\u00a0income tax\u00a0Act.<\/a><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"TDS_to_be_Deducted_on_Dividend_Paid_to_a_Business_Trust\"><\/span><span style=\"color: #000080;\"><strong>TDS to be Deducted on Dividend Paid to a Business Trust<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table style=\"height: 597px;\" width=\"982\">\n<tbody>\n<tr>\n<td width=\"228\"><span style=\"color: #ffcc00;\"><strong>EXISTING PROVISIONS<\/strong><\/span><\/td>\n<td width=\"284\"><span style=\"color: #ffcc00;\"><strong>AMENDMENT MADE TO THE SECTION<\/strong><\/span><\/td>\n<td width=\"153\"><span style=\"color: #ffcc00;\"><strong>EFFECTIVE DATE<\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"228\">SECTION-194 PROVIDES FOR DEDUCTION OF\u00a0TDS @ 10%\u00a0ON PAYMENT OF DIVIDENDS BY AN INDIAN COMPANY WITHIN INDIA TO A RESIDENT INDIAN WHO IS AN INDIVIDUAL. HOWEVER, NO TDS BE DEDCUTED WHERE THE AMOUNT OF DIVIDEND DOES NOT EXCEED RS. 5,000.<\/p>\n<p>&nbsp;<\/p>\n<p>IN CASE, OTHER THAN INDIVIDUAL, THERE IS NO THRESHOLD LIMIT. THUS, WHERE THE DIVIDEND IS PAID EVEN OF RS. 1, TDS IS TO BE DEDUCTED.<\/p>\n<p>&nbsp;<\/p>\n<p>SECOND PROVISO OF SECTION-194\u00a0STATES THAT NO TDS IS REQUIRED WHERE THE DIVIDEND IS PAID TO INSURANCE COMPANIES OR INSURERS.<\/td>\n<td width=\"284\">NO CHANGES HAVE BEEN PRESCRIBED IN THE RATES OF TDS OR THE THRESHOLD LIMIT.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>IN ORDER TO PROVIDE RELIEF TO BUSINESS TRUSTS, AMENDMENT HAS BEEN PROPOSED TO\u00a0SECOND PROVISO OF SECTION 194, THEREBY PROVIDING FOR NIL REQUIREMENT TO DEDUCT TDS WHERE DIVIDEND HAS BEEN PAID TO A\u00a0BUSINESS TRUST, DEFINED IN CLAUSE (13A) OF SECTION 2.<\/p>\n<p>&nbsp;<\/p>\n<p>REASONS FOR SUCH AN AMENDMENT BEING THAT THE INCOME OF BUSINESS TRUST IS EXEMPT FROM TAX BUT UNDER EARLIER PROVISIONS, TDS WAS REQUIRED TO BE DEDCUTED ON SUCH EXEMPTED INCOME.<\/td>\n<td width=\"153\">EFFECTIVE RETROSPECTIVELY FROM 1-4-2020<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"TDS_on_Interest_Payment_by_an_Infrastructure_Debt_Fund\"><\/span><span style=\"color: #000080;\"><strong>TDS on Interest Payment by an Infrastructure Debt Fund<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table style=\"height: 466px;\" width=\"972\">\n<tbody>\n<tr>\n<td width=\"237\"><strong><span style=\"color: #000080;\">EXISTING PROVISIONS<\/span><\/strong><\/td>\n<td width=\"297\"><strong><span style=\"color: #000080;\">AMENDMENT PROPOSED IN THE SECTION<\/span><\/strong><\/td>\n<td width=\"105\"><strong><span style=\"color: #000080;\">EFFECTIVE FROM<\/span><\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"237\">SECTION- 194A (1) PROVIDES FOR TDS DEDUCTION @ 10% ON INTEREST OTHER THAN INTEREST ON SECURITIES.<\/p>\n<p>&nbsp;<\/p>\n<p>SECTION 194A (3) PROVIDES FOR EXEMPTION FROM TDS DEDUCTION UNDER SECTION 194A.<\/p>\n<p>&nbsp;<\/p>\n<p>CLAUSE (X) OF SUB-SECTION (3) EXEMPTS TDS REQUIREMENT ON INTEREST PAID BY INFRASTRUCTURE CAPITAL COMPANY OR INFRASTRUCTURE CAPITAL FUND OR A PUBLIC SECTOR COMPANY OR SCHEDULED BANK IN RELATION TO ZERO-COUPON BOND<\/td>\n<td width=\"297\">AMENDMENT IN PROPOSED IN\u00a0CLAUSE (X) OF SUB-SECTION (3)\u00a0TO INCLUDE\u00a0INFRASTRUCTURE DEBT FUND.<\/p>\n<p>&nbsp;<\/p>\n<p>THE EFFECT OF THE AMENDMENT IS THAT THERE WILL BE NO REQUIREMENT OF TDS DEDUCTION ON PAYMENT OF INTEREST IN RELATION TO ZERO-COUPON BOND ISSUED BY INFRASTRUCTURE DEBT FUND<\/td>\n<td width=\"105\">EFFECTIVE FROM 01-04-2021<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"HIGHER_RATE_OF_TDS_DEDUCTION_IN_CASE_OF_NON-FILERS_OF_ITR\"><\/span><span style=\"color: #000080;\"><strong>HIGHER RATE OF TDS DEDUCTION IN CASE OF NON-FILERS OF ITR<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<figure id=\"attachment_13426\" aria-describedby=\"caption-attachment-13426\" style=\"width: 950px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/TDS-.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-13426\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/TDS-.jpg\" alt=\"TDS\" width=\"950\" height=\"441\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/TDS-.jpg 560w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/TDS--300x139.jpg 300w\" sizes=\"(max-width: 950px) 100vw, 950px\" \/><\/a><figcaption id=\"caption-attachment-13426\" class=\"wp-caption-text\"><span style=\"color: #ffffff;\">TDS<\/span><\/figcaption><\/figure>\n<table style=\"height: 486px;\" width=\"968\">\n<tbody>\n<tr>\n<td width=\"244\"><span style=\"color: #000080;\"><strong>EXISTING PROVISIONS<\/strong><\/span><\/td>\n<td width=\"304\"><span style=\"color: #000080;\"><strong>AMENDMENT PROPOSED IN THE SECTION<\/strong><\/span><\/td>\n<td width=\"150\"><span style=\"color: #000080;\"><strong>EFFECTIVE FROM<\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"244\">SUB-SECTION (1) OF SECTION 194-IB PROVIDES FOR ANY INDIVIDUAL OR HUF\u00a0(OTHER THAN THOSE REFERRED IN SECTION-194I), PAYING A RESIDENT PERSON, RENT EXCEEDING RS. 50,000 PER MONTH, WILL BE REQUIRED TO DEDUCT TDS @ 5%.\u00a0SUCH AMOUNT BE DEDUCTED AT THE TIME OF CREDITING RENT FOR THE PREVIOUS MONTH\/YEAR<\/p>\n<p>FURTHER, ACCORDING TO\u00a0 SUB-SECTION (4)\u00a0OF THE SECTION, WHERE THE PAN OF THE PAYEE IS NOT AVAILABLE, TDS BE DEDUCTED UNDER SECTION\u00a0206AA @ 20%.<\/p>\n<p>HOWEVER, THE AMOUNT OF DEDUCTION SHALL NOT EXCEED THE RENT PAYABLE<\/td>\n<td width=\"304\">AMENDMENT WAS PROVIDED FOR SUB-SECTION (4)\u00a0OF SECTION 194-IB , IN ORDER TO PROVIDE FOR A NEW SECTION 206AB ALONG WITH SECTION 206AA.<\/p>\n<p>SECTION- 206AB\u00a0HAS BEEN INSERTED BY THIS FINANCE BILL FOR PRESCRIBING SPECIAL RATE OF TDS\u00a0IN CASE THE PAYEE IS A NON-FILER OF INCOME TAX RETURN.\u00a0SUCH AN INSERTION WILL IMPACT THE TAXPAYERS, SINCE THE SAME WILL CAUSE UNDUE COMPLIANCE BURDEN.<\/p>\n<p>&nbsp;<\/td>\n<td width=\"150\">EFFECTIVE FROM 01<sup>ST<\/sup>\u00a0JULY, 2021<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"Deduction_In_case_of_Senior_Citizens_with_age_of_75_Years_Or_More\"><\/span><span style=\"color: #000080;\"><strong>Deduction In case of Senior Citizens with age of 75 Years Or More<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"color: #ff0000;\"><strong>SECTION 194 P\u00a0<\/strong><\/span><\/p>\n<ul>\n<li>This section is effective from 1st July, 2021 and is applicable to an Indian resident having age of 75 or more years and receives income only\u00a0within the\u00a0kind of\u00a0pension and\/or interest from specified bank. Eligible individual\u00a0has to\u00a0file a declaration with\u00a0the desired\u00a0bank\u00a0within the\u00a0form and manner as prescribed\u00a0and also the\u00a0specified bank will deduct TDS of such individual, after allowing for the deduction that have been provided under Chapter VI-A and also the rebate being provided under section 87A.<\/li>\n<li>If the above conditions are fulfilled, such specified grownup isn&#8217;t required to file a tax return for that previous year.<\/li>\n<li>Section 139 of the tax Act requires that each person being an individual whose total income during the previous year exceeds the most amount not chargeable to taxation shall file his\/her ITR on or before maturity date of filing ITR.<\/li>\n<li>But the filing of ITR may be a difficult job for senior citizens. Therefore, with a view to producing relaxation to senior citizens from the requirement of filing ITR, a replacement section 194P is proposed to be inserted within the taxation Act. Section- 194P shall be applicable only in the case of specified senior citizens, as provided in the act.<\/li>\n<li>According to Section 194P,\u00a0the required\u00a0old person\u00a0shall not be required to file ITR if TDS has been already deducted under section 194P.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"SPECIFIED_SENIOR_CITIZEN\"><\/span><span style=\"color: #000080;\"><strong>SPECIFIED SENIOR CITIZEN<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A specified\u00a0grownup\u00a0may be a\u00a0senior citizen: &#8211;<\/p>\n<ul>\n<li>Who is resident in India,<\/li>\n<li>Whose age is 75 years or more at any time during the relevant\u00a0fiscal year\u00a0&amp;<\/li>\n<li>Who has only pension income or interest income from\u00a0the identical\u00a0bank from which\u00a0he&#8217;s\u00a0receiving his pension income &amp;<\/li>\n<li>The bank\u00a0may be a\u00a0specified (notified) bank for this purpose &amp;<\/li>\n<li>He shall furnish a declaration to his bank\u00a0during a\u00a0prescribed format giving details of his income for the\u00a0year\u00a0and also the\u00a0eligible deductions<\/li>\n<\/ul>\n<p><span style=\"color: #000080;\"><strong>TDS\u00a0DEDUCTION UNDER SECTION 194P<\/strong><\/span><\/p>\n<ul>\n<li>Once the declaration is furnished by the desired golden ager to the bank, the bank will compute the income of such old person on the idea of declaration after giving effect to deductions eligible under Chapter VI-A associated with 80C\/80CCC\/80D\/80G etc. and allowing rebate under section 87A of the Act and deduct TDS capable tax computed on such income supported the tax rates operative.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"BENEFIT_IN_REAL_TERMS\"><\/span><span style=\"color: #000080;\"><strong>BENEFIT IN REAL TERMS<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>This section won&#8217;t reduce the burden of senior citizens in any manner. At present, they&#8217;re computing their income and submitting their details to a tax consultant for filing their ITR. to notice further, the majority the incomes like pension income and interest income are going to be now pre-filled within the ITR on the taxation Portal as stated by the minister of finance. Also, the golden ager will need to move to his bank and furnish a written declaration of his income which he was previously providing to his tax consultant. it&#8217;ll not reduce any sought of burden in any manner. it might be better if the Hon\u2019ble FM would be more generous to senior citizens in the type of tax rebates.<br \/>\nThis section is effective from 01-04-2021.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"TDS_ON_PURCHASE_OF_GOODS\"><\/span><span style=\"color: #000080;\"><strong>TDS ON PURCHASE OF GOODS<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The Government had earlier introduced section 206C(1H) which provided for collection of tax at source (TCS) @ 0.1% (without PAN 1%) on receipt of consideration against sale\u00a0of products\u00a0exceeding Rs. 50 Lakhs by a seller who was having turnover\u00a0quite\u00a0Rs. 10 crores\u00a0within the\u00a0preceding\u00a0year.<\/li>\n<li>Now,\u00a0the govt.\u00a0has extended the scope of TDS levy by inserting\u00a0a replacement\u00a0section 194Q which provides for TDS on levy of TDS @ 0.1% on\u00a0a buying deal\u00a0transaction exceeding Rs. 50 Lakhs\u00a0during a\u00a0year.<\/li>\n<li>However, the responsibility to deduct TDS under this section is only on those persons whose turnover is exceeding Rs. 10 crores. This limit has been prescribed to scale back the compliance burden on small taxpayers<\/li>\n<li>Section 194Q could be applicable on any individual who is a buyer of products whose turnover or sales during immediately preceding yr exceeds Rs. 10 Crores. The section provides that if such buyer makes a purchase from any resident (seller) during the year valuable or aggregate value exceeding Rs. 50 Lakhs, then such buyer shall deduct TDS @ 0.1% (5% if PAN isn&#8217;t provided) at the time of credit to the account of seller or at the time of payment, whichever is earlier<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"HIGHER_RATE_OF_TDS_US_194Q\"><\/span><span style=\"color: #000080;\"><strong>HIGHER RATE OF TDS U\/S 194Q<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Section 206AA of the\u00a0taxation\u00a0Act provides that where the deductee fails to furnish his PAN to deductor, the deductor shall deduct TDS at\u00a0the upper\u00a0of\u00a0the subsequent\u00a0rates: &#8211;\n<ul>\n<li>At\u00a0the rate\u00a0per\u00a0the relevant provision of this Act; or<\/li>\n<li>At\u00a0the rate\u00a0in force; or<\/li>\n<li>20%<\/li>\n<\/ul>\n<\/li>\n<li>First Proviso to section 206AA (1) prescribes rate\u00a0of fifty\u00a0rather than\u00a020%\u00a0just in case\u00a0deduction\u00a0is created\u00a0u\/s 194-O.<\/li>\n<li>Another proviso is proposed to be inserted after first proviso which states that where TDS is required to be deducted u\/s 194Q and PAN of the deductee\u00a0isn&#8217;t\u00a0available, TDS shall be deducted @ 5%\u00a0rather than\u00a020%. The amendment is effective from 01-07-2021.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"CASES_UNDER_SECTION_194Q\"><\/span><span style=\"color: #000080;\"><strong>CASES UNDER SECTION 194Q<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>In the following two cases, TDS\u00a0isn&#8217;t\u00a0required to be deducted u\/s 194Q: &#8211;\n<ul>\n<li>Transactions where TDS is applicable under\u00a0the other\u00a0provisions of the Act<\/li>\n<li>Transactions where TCS is applicable under section 206C\u00a0aside from\u00a0transactions to which section 206C(1H) applies.<\/li>\n<\/ul>\n<\/li>\n<li>This means that if TDS\/TCS is required to comply under the other provision of this Act, then TDS shall not be deductible under section 194Q. But there&#8217;s one exception to the current.<\/li>\n<li>If any transaction is\u00a0responsible for\u00a0TCS under section 206C(1H) and also TDS under this section, then on such transaction, only TDS shall be deducted under this section.<\/li>\n<li>Moreover, CBDT has been provided with the requisite powers, in order to issue guidelines in respect of removing of difficulty in providing for the effect of the newly inserted provisions.<\/li>\n<li>Every guideline issued by CBDT shall be laid before each house of parliament and shall be binding on tax authorities\u00a0and also the\u00a0person\u00a0prone to\u00a0deduct tax.<\/li>\n<li>It should\u00a0even be\u00a0noted that if PAN of\u00a0the vendor\u00a0isn&#8217;t\u00a0available, TDS shall be deducted @ 5%. In order to provide for the same, second proviso has been inserted under sub-section (1) of section 206AA.<br \/>\nThe above section is applicable w.e.f. 01st July, 2021.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"AMENDMENT_TO_SECTION_196D\"><\/span><span style=\"color: #000080;\"><strong>AMENDMENT TO SECTION 196D<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Section 196D of the Act provides for deduction of tax on income derived by FIIs from securities as\u00a0brought up\u00a0in clause (a) of sub-section (1) of section 115AD of the Act. Such deduction\u00a0is formed\u00a0@ 20%.<\/li>\n<li>To rationalize\u00a0the availability\u00a0by allowing the\u00a0advantage of\u00a0agreements u\/s 90 or 90A of the Act while deducting TDS on payments to FIIs, a proviso is proposed to be inserted in section 196D (1).<\/li>\n<li>The proposed amendment provides that just in case of a payee (FIIs) to whom an agreement referred u\/s 90(1) or 90A (1) applies and such payee has furnished the tax residency certificate observed in section 90(4)\/ 90(4A) of the Act, then the tax shall be deducted at the rate of 20% or rates provided in such agreement, whichever is lower.<\/li>\n<li>The above-mentioned amendment shall be effective from 1st April 2021.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"SECTION_206AB_AND_206CCA\"><\/span><span style=\"color: #000080;\"><strong>SECTION 206AB AND 206CCA<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<figure id=\"attachment_13286\" aria-describedby=\"caption-attachment-13286\" style=\"width: 1200px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/sections-206ab-and-206-cca.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-13286\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/sections-206ab-and-206-cca.jpg\" alt=\"sections-206ab-and-206-cca\" width=\"1200\" height=\"630\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/sections-206ab-and-206-cca.jpg 1200w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/sections-206ab-and-206-cca-300x158.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/sections-206ab-and-206-cca-1024x538.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/sections-206ab-and-206-cca-768x403.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/sections-206ab-and-206-cca-800x420.jpg 800w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/a><figcaption id=\"caption-attachment-13286\" class=\"wp-caption-text\"><span style=\"color: #ffffff;\">sections-206ab-and-206-cca<\/span><\/figcaption><\/figure>\n<p>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.<\/p>\n<p><strong>A specified person could be a person<\/strong><\/p>\n<ul>\n<li>Who has not filed tax returns for two assessment years relevant to the previous years immediately before the previous year during which tax is required to be deducted\/ collected?<\/li>\n<li>The\u00a0date\u00a0to file such return of income, as prescribed under Section 139(1), has expired<\/li>\n<li>The aggregate amount of tax deducted at source (TDS) amounts to Rs. 50,000 or more, for each of the previous 2 years.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"NEW_SECTION_206AB_206CCA\"><\/span><span style=\"color: #000080;\"><strong>NEW SECTION 206AB\/ 206CCA<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table style=\"height: 2454px;\" width=\"976\">\n<tbody>\n<tr>\n<td width=\"299\"><strong><span style=\"color: #000080;\">HIGH RATE OF TDS ON NON-FILERS OF ITR UNDER SECTION 206AB<\/span><\/strong><\/td>\n<td width=\"299\"><strong><span style=\"color: #000080;\">HIGH RATE OF TCS ON NON-FILERS OF ITR UNDER SECTION 206CCA<\/span><\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"299\">APPLIES WHERE THE DEDUCTEE FAILS TO FURNISH TO FURNISH THEIR ITR FOR 2 FINANCIAL YEARS, IMMEDIATELY PRECEDING THE FINANCIAL YEAR IN WHICH THE TDS IS REQUIRED TO BE DEDUCTED.<\/td>\n<td width=\"299\">APPLIES WHERE THE DEDUCTEE FAILS TO FURNISH TO FURNISH THEIR ITR FOR 2 FINANCIAL YEARS, IMMEDIATELY PRECEDING THE FINANCIAL YEAR IN WHICH THE TCS IS REQUIRED TO BE COLLECTED.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"599\"><strong><span style=\"color: #000080;\">SPECIFIED PERSON &#8211;<\/span><\/strong><\/p>\n<p>A PERSON IS SAID TO BE A SPECIFIED PERSON, WHERE ALL THE FOLLOWING CONDITIONS ARE FULFILLED &#8211;<\/p>\n<ol>\n<li>A PERSON WHO DID NOT FILE THEIR INCOME TAX RETURN IN RELATION TO THE 2 FINANCIAL YEARS, IMMEDIATELY PRECEDING THE FINANCIAL YEAR IN WHICH TAX IS REQUIRED TO BE COLLECTED.<\/li>\n<li>ALSO, THE PRESCRIBED TIME LIMIT FOR FILING A RETURN OF INCOME UNDER SECTION 139(1) HAS BEEN EXPIRED.<\/li>\n<li>THE AGGREGATE AMOUNT OF TDS\/TCS TO BE DEDUCTED\/COLLECTED, IS RS. 50,000 OR MORE IN EACH OF THE PREVIOUS 2 FINANCIAL YEARS.<\/li>\n<li>IT EXCLUDES A NON-RESIDENT, NOT HAVING A PERMANENT ESTABLISHMENT IN INDIA.<\/li>\n<\/ol>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"299\"><span style=\"color: #000080;\"><strong>EXEMPTED<\/strong><\/span><\/p>\n<p>WHERE THE INCOME IS REQUIRED TO BE DEDUCTED UNDER THE FOLLOWING SECTIONS \u2013<\/p>\n<p>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 SECTION 192<\/p>\n<p>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 SECTION 192A<\/p>\n<p>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 SECTION 194B, 194BB<\/p>\n<p>HOWEVER, THIS EXEMPTION SHALL NOT BE AVAILABLE TO A NON-RESIDENT, NOT HAVING A PERMANENT ESTABLISHMENT IN INDIA.<\/td>\n<td width=\"299\">EXEMPTED<\/p>\n<p>WHERE INCOME IS RECEIVED BY ANY NON-RESIDENT NOT HAVING A PERMANENT ESTABLISHMENT IN INDIA<\/td>\n<\/tr>\n<tr>\n<td width=\"299\"><span style=\"color: #000080;\"><strong>RATE WOULD BE HIGHER OF \u2013<\/strong><\/span><\/p>\n<p style=\"padding-left: 40px;\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 AT TWICE THE RATE, BEING SPECIFIED IN RESPECTIVE PROVISION.<\/p>\n<p style=\"padding-left: 40px;\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 AT TWICE THE RATE OR RATES THAT ARE THERE IN FORCE.<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>AT THE RATE OF 5%.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/td>\n<td width=\"299\"><span style=\"color: #000080;\"><strong>RATE WOULD BE HIGHER OF \u2013<\/strong><\/span><\/p>\n<p style=\"padding-left: 40px;\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 AT TWICE THE RATE, BEING SPECIFIED IN THE RESPECTIVE PROVISION.<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>AT THE RATE OF 5%.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"299\">ALSO, WHERE THE DEDUCTEE FAILS TO FURNISH HIS PAN TO THE DEDUCTOR, TDS BE DEDUCTED @ PROVIDED IN THIS SECTION OR IN SECTION 206AA, HIGHER OF THE RATES<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong><span style=\"color: #000080;\">RATE UNDER SECTION 206AA:<\/span><\/strong><\/p>\n<p>HIGHER OF:<\/p>\n<p style=\"padding-left: 40px;\">I) RATE BEING SPECIFIED IN THE RESPCETIVE PROVISION;<\/p>\n<p style=\"padding-left: 40px;\">II) RATE OR RATES THAT ARE THERE IN FORCE; OR<\/p>\n<p style=\"padding-left: 40px;\">III) 20%.<\/p>\n<p>CONCLUSION: WHERE THE DEDUCTEE FAILS TO FURNISH HIS PAN AS WELL AS ITR FOR 2 CONSECUTIVE PREVIOUS YEARS, TDS BE DEDCUTED AT HIGHER OF:<\/p>\n<p style=\"padding-left: 40px;\">1)\u00a0 TWICE THE RATE, BEING SPECIFIED IN THE RESPECTIVE PROVISION OF THE ACT<\/p>\n<p style=\"padding-left: 40px;\">2) TWICE THE RATE OR RATES THAT ARE THERE IN FORCE; OR<\/p>\n<p style=\"padding-left: 40px;\">3)\u00a0 20%.<\/p>\n<\/td>\n<td width=\"299\">ALSO, WHERE THE COLLECTEE FAILS TO FURNISH HIS PAN TO THE COLLECTOR, TCS COLLECTED AT THE RATES PROVIDED IN THIS SECTION OR IN SECTION 206CC, HIGHER OF THE RATES<\/p>\n<p><span style=\"color: #000080;\"><strong>RATES UNDER SECTION 206CC:<\/strong><\/span><\/p>\n<p>HIGHER OF:<\/p>\n<p style=\"padding-left: 40px;\">I) TWICE THE RATE, BEING SPECIFIED IN SECTION 206C;<\/p>\n<p style=\"padding-left: 40px;\">II) 5%.<\/p>\n<p>CONCLUSION: WHERE THE COLLECTEE FAILS TO FURNISH HIS PAN AS WELL AS ITR FOR 2 CONSECUTIVE PREVIOUS YEARS, TCS BE COLLECTED AT HIGHER OF:<\/p>\n<p style=\"padding-left: 40px;\">1) TWICE THE RATE, BEING SPECIFIED IN SECTION 206C;<\/p>\n<p style=\"padding-left: 40px;\">2) 5%.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"299\">&nbsp;<\/p>\n<p>IN CASE, THE PROVISION OF SECTION 206AA IS ALSO APPLICABLE TO SPECIFIED PERSON APART FROM THIS SECTION, TDS BE DEDUCTED AT THE RATE HIGHER OF RATES DETERMINED U\/S 206AA &amp; 206AB.<\/p>\n<p>&nbsp;<\/td>\n<td width=\"299\">&nbsp;<\/p>\n<p>WHERE THE PROVISION OF SECTION 206CC IS ALSO APPLICABLE TO A SPECIFIED PERSON, APART FROM THIS SECTION, TCS BE COLLECTED AT THE RATE HIGHER OF RATES DETERMINED U\/S 206CC &amp; 206CCA<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"599\">THE SECTIONS SHALL BE EFFECTIVE FROM 1<sup>ST<\/sup>\u00a0JULY, 2021.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"IMPORTANT_INTERPRETATIONS\"><\/span><span style=\"color: #000080;\"><strong>IMPORTANT INTERPRETATIONS<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol>\n<li>As mentioned above, the definition of a specified person includes those who have not filed the ITR for both the applicable assessment years. Hence if the person has filed a return for even one among the 2 applicable assessment years, provision of this section wouldn&#8217;t apply.<\/li>\n<li>This section doesn&#8217;t give any exception to the persons who don&#8217;t seem to be required to file ITR. Hence, this section is going to be applicable if the person has not filed ITR for the relevant applicable two assessment years, although he might not be prone to file the ITR under the provisions of tax Act, 1961.<\/li>\n<\/ol>\n<p><span style=\"color: #000080;\"><strong>OUR REMARKS<\/strong><\/span><\/p>\n<ul>\n<li>With the introduction of two new sections, namely section 206AB and 206CCA, there has been an additional compliance burden being imposed on the taxpayers\/assessee.<\/li>\n<li>Earlier, the assessee\u00a0wont to\u00a0only\u00a0enkindle\u00a0PAN of the deductee\/ collectee. If PAN\u00a0wasn&#8217;t\u00a0available TDS\/TCS was made at\u00a0a better\u00a0rate.<\/li>\n<li>But now from 1st July 2021, the assessee also will have to check whether such person has filed its ITR or not for last 2 financial years. Further, he also must check whether the TDS\/TCS amount in such 2 years was Rs. 50,000 or more.<\/li>\n<li>With the introduction of these sections, the taxpayer is ought to be quite careful in deducting TDS or collecting TCS. They are required to be prepared, in order to gather the copy of their client&#8217;s ITR and also Form 26AS to comply sections 206AB &amp; 206CCA.<\/li>\n<li>There&#8217;s no rationale behind these sections. the govt is simply casting additional responsibility upon the assessee which was undoubtedly an obligation of the govt to confirm that the ITR is filed by the person who is liable for deduction\/collection of TDS\/TCS.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"SECTION_194Q\"><\/span><a href=\"https:\/\/www.caindelhiindia.com\/blog\/faqs-tds-on-purchases-section-194q\/\"><span style=\"color: #000080;\"><strong>SECTION 194Q<\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<figure id=\"attachment_13288\" aria-describedby=\"caption-attachment-13288\" style=\"width: 1200px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/tds-purchase-of-goods-.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-13288\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/tds-purchase-of-goods-.jpg\" alt=\"tds-purchase of goods\" width=\"1200\" height=\"522\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/tds-purchase-of-goods-.jpg 1200w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/tds-purchase-of-goods--300x131.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/tds-purchase-of-goods--1024x445.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/tds-purchase-of-goods--768x334.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/tds-purchase-of-goods--800x348.jpg 800w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/a><figcaption id=\"caption-attachment-13288\" class=\"wp-caption-text\"><span style=\"color: #ffffff;\">s-purchase of goods<\/span><\/figcaption><\/figure>\n<p>This section, applicable from 1st July, 2021, provides for deduction of tax at source on purchase\u00a0of goods\u00a0by the \u201cbuyer\u201d, at\u00a0the rate\u00a0of 0.1%, and the same be deducted, where the buyer credits the amount of transaction in the name of the seller, being an Indian resident, or at the time of payment using any other mode, whichever is earlier.<\/p>\n<p>The details application of this section has been explained as follows &#8211;<\/p>\n<ol>\n<li>This section will apply to\u00a0the client\u00a0whose total sales, gross receipts or turnover from the business was\u00a0quite\u00a0Rs.10 crores\u00a0within the\u00a0previous\u00a0yr.<\/li>\n<li>Such buyer is required to deduct the TDS\u00a0of every\u00a0such seller from whom\u00a0the combination\u00a0purchase value exceeds Rs. 50 lacs during the year.<\/li>\n<li>TDS is to be deducted at 0.1% on\u00a0the number\u00a0by which\u00a0the mixture\u00a0purchase value is exceeding Rs. 50 lacs<\/li>\n<\/ol>\n<p>Illustration: If purchases during the year of party A from party B is 55 lacs and turnover of party A in previous\u00a0fiscal year\u00a0is\u00a0over\u00a0Rs. 10 crores then party A will\u00a0should\u00a0deduct TDS of party B on Rs. 5 lacs (55-50) at\u00a0the rate\u00a0of 0.1%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"latest_TDS_Rate_Chart_for_the_FY_2024-25\"><\/span><span style=\"color: #000080;\"><strong>latest TDS Rate Chart for the FY 2024-25 :\u00a0<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Central Board of Direct Taxes revised<a href=\"https:\/\/carajput.com\/publications\/tds-rate-chart-of-fy-2023-24.pdf\"> TDS rate Chart for the FY 2024-25.<\/a><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26627\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/TDS-1-2.jpg\" alt=\"TDS rate chart for the FY 2024-25\" width=\"1237\" height=\"847\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/TDS-1-2.jpg 1237w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/TDS-1-2-300x205.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/TDS-1-2-1024x701.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/TDS-1-2-768x526.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/TDS-1-2-800x548.jpg 800w\" sizes=\"(max-width: 1237px) 100vw, 1237px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26286\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/TDS-1-1.jpg\" alt=\"TDS rate chart for FY 24-25\" width=\"967\" height=\"1150\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/TDS-1-1.jpg 967w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/TDS-1-1-252x300.jpg 252w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/TDS-1-1-861x1024.jpg 861w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/TDS-1-1-768x913.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/07\/TDS-1-1-800x951.jpg 800w\" sizes=\"(max-width: 967px) 100vw, 967px\" \/><\/p>\n<p><a href=\"https:\/\/carajput.com\/archives\/tcs-and-tcs-rate-chart-for-fy-2024-25.pdf\" data-cke-saved-href=\"https:\/\/carajput.com\/archives\/tcs-and-tcs-rate-chart-for-fy-2024-25.pdf\"><strong>TDS &amp; TCS Rate chart for FY 2024-25<\/strong><\/a><\/p>\n<p>Read More about:<\/p>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/archives\/tcs-rate-chart-and-overview-tcs-vs-206c-1-1f-1h-v-tds-vs-194q.pdf\" data-cke-saved-href=\"https:\/\/carajput.com\/archives\/tcs-rate-chart-and-overview-tcs-vs-206c-1-1f-1h-v-tds-vs-194q.pdf\"><strong>TCS Rate Chart &amp; Overview &#8211; TCS Vs 206C(1)(1F)(1H) v. TDS Vs 194Q<\/strong><\/a><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/learn\/new-tds-deduction-provision-prevent-cash-transactions-of-more-than-1-crore-section-194n.html\">New TDS deduction No cash transactions exceeding 1 Crore -Section 194N<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/learn\/nsdl-extension-of-qtr-tdstcs-statement-filing-dates-for-4-quarter-of-fy-201920-until-30-june.html\">Extention of TDS\/TCS statement filing Date<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/learn\/key-features-of-tcs-on-goods-sale-section-206c-1h-applicable-from-1-october-2020.html\">Read More about key features of TCS on goods sale section-206c<\/a><\/strong><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Analysis of TDS &amp; TCS under The Finance Bill BRIEF INTRODUCTION The Union Budget which was introduced within the Parliament, in February,\u00a0 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 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[9976],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/13282"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=13282"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/13282\/revisions"}],"predecessor-version":[{"id":26842,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/13282\/revisions\/26842"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=13282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=13282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=13282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}