Section 194I of the Income Tax Act outlines the rules for deducting TDS on rent. This provision primarily applies to those paying rent for properties, machinery, or other assets, ensuring compliance and streamlining tax collections. Whether you are a business entity, salaried individual, or involved in sub-letting. Let’s break down the key elements of Section…
Section 194C of the Income Tax Act governs the deduction of tax on payments made to contractors or subcontractors for carrying out any work, including the supply of labour. What is Considered as ‘Work’ Under Section 194C? The term ‘work’ includes the following activities: Advertising Broadcasting and Telecasting: Includes production of programs. Carriage of Goods…
Effective from 1st October 2024, issue of certificates under Section 197 (lower deduction / collection) has been extended to include Sections 194Q and 206C. This change is a landmark as it provides relief to businesses involved in the purchase of goods. What is the Change? Previously, certificates under Section 197 for lower TDS/TCS were not…
Starting from 1st October 2024, significant changes are being introduced in the rules on TDS on the purchase of immovable property under Section 194-IA. These changes are particularly relevant for buyers involved in transactions where the property value is Rs. 50 lacs or more. What was the earlier provision? Previously, TDS under Section 194-IA was…
Effective from 1st October 2024, issue of certificates under Section 197 (lower deduction / collection) has been extended to include Sections 194Q and 206C. This change is a landmark as it provides relief to businesses involved in the purchase of goods. What is the Change? Previously, certificates under Section 197 for lower TDS/TCS were not…
In the recently announced Budget on 23rd July, 2024, there are quite a few proposals related to TDS / TCS. These have been summarized in this article. Highlights: Reduction / Optimization of TDS Rates under different sections TDS on repurchase of units by Mutual Funds / UTI removed (Section 194F – omitted) TDS introduced on…
TDS RATE CHART FY: 2024-25 (AY: 2025-26) Section Nature of Payment Threshold Indv / HUF Others Rs. TDS Rate (%) 192 Salaries – Slab Rate Slab Rate 192A Premature withdrawal from EPF 50000 10 – 193 Interest on Securities 10000 10 10 194 Dividends 5000 10 10 194A Interest (Banks) 40000 10 10 194A Interest…
1. Section 206AB Applicability: This shall be effective from 1st July’21 Specified person has not filed the ITR for 2 previous years and time limit for filing the return of income under section 139(1) has expired Aggregate TDS is Rs 50,000 or more in each of the two previous years Exception: These sections are not…
On popular demand, we are pleased to announce the release of TDSMAN (FY: 2023-24). Now you can prepare TDS Returns for all quarters of FY: 2022-23 and FY: 2023-24. It covers: All TDS/TCS Returns for FY: 2023-24 All TDS/TCS Returns for FY: 2022-23 Pending TDS/TCS Returns of earlier years, if any Rectification of TDS Defaults Error Free…
1. Section 206AB Applicability: This shall be effective from 1st July’21 Specified person has not filed the ITR for 2 previous years and time limit for filing the return of income under section 139(1) has expired Aggregate TDS is Rs 50,000 or more in each of the two previous years Exception: These sections are not…