A new section 194M has been proposed in the Budget of 2019 wherein an individual or an HUF (those not covered in TDS), is now required to deduct TDS @ 5% for payments exceeding Rs. 50 lakhs in a year to a resident contractor or to a professional (as defined u/s Section 194C and Section…
Given below are the list of changes applicable from 1st June, 2015 for TDS and TCS amendments: 1. Requirement for obtaining evidence/ particulars by employer for TDS-Section 192 2. TDS from premature withdrawal from Employees Provident Fund Scheme (EPFS)-Sections 192A and 197A 3. TDS from interest (other than interest on securities)-Section 194A 4. TDS from…
At present, any person who is required to deduct tax at source (other than under Section 194IA) is expected to obtain a TAN and quote that TAN in the challan and the TDS statement that he is supposed to file. This is a cumbersome requirement-particularly to the individuals who acquire an immovable property from non-residents….