Section 193 – TDS shall be deducted on interest paid on securities by the interest payer Time of Deduction- TDS to be deducted at the time of credit or payment, whichever is earlier. Deductee- The interest receiver needs to be a Resident TDS Rate- TDS at a flat rate of 10% shall be applicable. If…
7th October 2023 – Due date for TDS/TCS payment for deductions/collections during September 2023 15th October 2023 – Due date of filing TCS Return for Quarter 2 of Financial Year 2023-2024 30th October 2023 – Due date of issuing TCS certificate for Quarter 2 of Financial Year 2023-2024 31st October 2023 – Due date of filing TDS Returns for Quarter 2 of Financial Year 2023-2024 *Please ensure timely…
Challan no. ITNS 281 is used by deductors to deposit TDS, TCS and demand payment. Following details are necessary to fill while payment of Challan ITNS 281: 1. Tax Applicable : This column has 2 options – 0020: This is applicable in case of income tax of companies if deductee is a company 0021: This…
To ease the compliance burden, CBDT (Central Board of Direct Taxes) vide Circular No. 11 of 2021 dated 21st June 2021, has announced a new functionality that will help Tax Deductor / Collectors to determine ‘Specified Persons’ for higher deduction / collection of tax under the new provisions of Sections 206AB and 206CCA of the…
Deductor- The Indian Company or a business trust paying interest income Deductee- A non-resident, not being a company, or to a foreign company Time of Deduction- At the time of credit or payment, whichever is earlier. Rate of TDS- 5%. In addition to the same, the Education Cess and SHE Cess is to be added…
The government has been looking at avenues to make income tax provisions simplified and lessen dependencies on consultants. A step towards it came through the introduction of Sec 115BAC- Tax on Income of Individual/ HUF in the Budget of 2020, as an alternate to the existing regime. Effective AY21-22 (FY 20-21), every individual and HUF…
Section 194Q – TDS on Purchase of Goods limits the scope and applicability of the Section 206C(1H) – TCS on Sale of Goods as the Second Proviso to Section 206C(1H) states that if the buyer deducts tax as per any other provision on the goods purchased by him, no tax shall be collected on the same…
Online poker, rummy and other online games offering real money are seeing real-time growth in the last few years. The online gaming industry witnessed massive growth in the last 10 years with people having personal computers and smartphones that offer the ability and the liberty to live in a virtual world full of possibilities. Earlier…
In the Finance Act of 2021, the Indian government inserted Section 194Q. The Indian government’s intention behind enacting this law was to generate a trail of high-value purchases and sales of products. What is Section 194Q? As per this new provision 194Q, a buyer of the goods needs to deduct the TDS if the product…
The Central Board of Direct Taxes (CBDT) issued a circular No. 18 of 2022 dated 13th September 2022, to eliminate issues in Section 194R of the Income Tax Act, 1956 which mandated an individual providing any benefit to another person to deduct TDS at 10% of the value of the benefit. What is Section 194R…