What is TDS Under Section 194H? TDS, or Tax Deducted at Source, is a crucial component of the Indian taxation system, introduced to collect tax at the source of income. Section 194H specifically pertains to brokerage and commission payments. According to this section, any person responsible for paying a brokerage fee must deduct TDS at…
Introduction to TDS and Its Importance Tax Deducted at Source (TDS) is a critical aspect of direct taxation in India. It mandates that certain payments be made after deducting tax at the source, ensuring that taxes are collected efficiently and timely. Section 194J of the Income Tax Act covers TDS on fees for professional services…
Understanding TDS and TCS Compliance The Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are crucial components of the Indian tax system. These mechanisms ensure that tax collection is implemented efficiently. As the end of the year approaches, it’s vital for taxpayers to be aware of the upcoming compliance dates, particularly for…
Effective from 1st October 2024, Tax Deducted at Source (TDS) rates have been reduced. These are part of the government’s ongoing efforts to simplify tax compliance and minimize the financial impact. New TDS Rates: A Closer Look From 1st October 2024, the TDS rates for certain sections have been reduced, making it easier for taxpayers…
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…
7th September 2024 – Due date for TDS / TCS payment for deductions / collections during August 2024 *Please ensure timely compliance to avoid interest and/or penalties Use TDSMAN Software to file seamless & error-free TDS / TCS returns, without any professional help.
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 a move that will bring relief to investors, the government has announced the removal of the Tax Deducted at Source (TDS) on the repurchase of units by Mutual Funds (MF) and Unit Trust of India (UTI). This change, effective from 1st October 2024. Understanding the Change Previously, under Section 194F, TDS was levied at…
7th August 2024 – Due date for TDS / TCS payment for deductions / collections during July 2024 15th August 2024 – Due date for issuing TDS certificate for Quarter 1 of Financial Year 2024-2025 *Please ensure timely compliance to avoid interest and/or penalties Use TDSMAN Software to file seamless & error-free TDS / TCS returns, without any professional help.
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…