Circular for tds and tcs

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August undefined, 2024

WebJul 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 … WebJul 1, 2024 · This Tax Alert explains Circular No. 13/2024 dated 30 June 2024 (Circular) issued by the Central Board of Direct Taxes (CBDT), which provides guidelines for removing certain difficulties in application of the newly introduced provision on withholding tax @ 0.1% on purchase of goods [Section (S.) 194Q of the Income Tax Laws (ITL)], that comes into …

Due Dates for E-Filing of TDS & TCS Returns for FY 2024-23

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. 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 … grammys red carpet 2022 live

TDS Rate Chart AY 2024-25 (FY 2024-24) - thetaxtalk.com

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 … WebApr 11, 2024 · This book provides a detailed analysis of TDS & TCS provisions and guidance on controversial topics with supporting case laws. All provisions of TDS and … WebHome - Central Board of Direct Taxes, Government of India grammys red carpet 2020 channel

Difference Between TDS and TCS – A Complete Guide

New rules in TDS/TCS, effective from July 01, 2024

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 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 … grammys red carpet 2022 on tvWebMay 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... china talc powder for home appliances factory

"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 … " - Circular for tds and tcs

Circular for tds and tcs

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. Web15 Mar 2024. Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of February, 2024 has been paid without the production of a …

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WebApr 11, 2024 · CBDT, vide Circular No. 4/2024 dated 05.04.2024, issues clarification regarding employer’s TDS liability on salary in the light of new default personal tax regime introduced by the Finance Act, 2024 under Section 115BAC (1A); CBDT directs that an employer, shall seek information from each of its employees having income under … WebNov 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 …

Web2. 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% WebApr 1, 2024 · Now we analyze the relationship between TCS u/s. 206 C and TDS u/s. 194 Q of Income Tax Act, 1962. Common points between these two sections: – 1. Both sections are applicable on goods. 2. Both are applicable in case of domestic transactions. 3. Both are applicable when aggregate value exceeds Rs. 50 Lac in previous year. 4.

WebJun 29, 2016 · As per the Income-tax Act, if any person makes a payment to the receiver, then TDS is required to be deducted at a prescribed rate and then deposited with the … 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: …

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 …

Web4.1 In this regard, vide circular no. 17 of2024 dated 29.09.2024, guideli nes were issued by the Board (with the approval of the Central Government) in relation to the provisions of section 194-0 and section 206C(1 H) of the Act in certain cases to remove difficulties and provide clarity for certain transactions. china talk substackWebJun 25, 2024 · TCS is required to be collected @ 5% if buyer has not filed the returns of income for both of the two previous years immediately prior to the previous year in which tax is required to be collected, and the aggregate of tax deducted at source and tax collected at source in his case is rupees fifty thousand or more in each of these two previous … grammys red carpet 2022 streamWebApr 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 … grammys red carpet 2022 outfitsWebSep 29, 2024 · It has been clarified by the CBDT Circular No. 17/2024 dtd. 29-09-2024 that, ... The general compliances to be undertaken for all TDS/TCS like payment of tax by 7 th of every month, filing of quarterly return within 15 days of the end of the quarter and subsequent issue of TCS Form shall apply to these transactions as well. grammys red carpet 2022 taylorWebSep 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 … china talented automated storage systemWebAug 28, 2024 · We will be coming out with a clarificatory circular very soon,” he said during an interaction on Thursday. Gupta said all issues on the canvass of section 194R of the … grammys red carpet 2022 photosWebApr 9, 2024 · Click here to download the list of TDS & TCS Rate Chart for FY: 2024-22. Note : 1. Surcharge is not deductible on payments made to residents, other than salary. 2. In case of non-resident, surcharge would be applicable on TDS. *Disclaimer – Efforts have been made to provide correct information. china talent show