Overview on TDS on Purchase of TDS on Real Estate Transactions What is TDS on Property Purchases? TDS (Tax Deducted at Source) is a tax mechanism under Section 194-IA of the Income Tax Act, applicable when purchasing immovable property (excluding agricultural land). Applicable if the consideration value or stamp duty value (whichever is higher) is …
TDS TCS Rate Chart for FY 2024–25 and FY 2025–26 TDS Deduction (FY 2024–25) Interest on Deposits (194A): 10% Commission (194H): 5% Rent (194I): 10% (for land/building) 2% (for plant/machinery) Professional/Technical Fees (194J): 10% Job work, labor contract, advertisement, etc. (194C): 1% for Individual/HUF 2% for others Salary (192B): Slab rates applicable Purchase of Goods …
Tax Dept Sends Tax Notices for Non-Deduction of TDS on Rent >50,000 P.M. TDS Deduction Responsibility on Rent Income Tax Dept has issued notices to tenants paying INR 50,000/- or more in monthly rent who failed to deduct and deposit TDS before remitting payments to their landlords. Even salaried employees paying rent from their taxable …
Can Employees Be Made Liable If TDS Is Deducted But Not Paid by the Employer? Background & Legal Framework Section 199 of the Income Tax Act: TDS deducted by the employer and paid to the government is treated as tax paid on behalf of the employee. The CBDT is authorized to issue rules regarding TDS credit to …
Finance Act (No. 2), stricter controls over Revised TDS return filings The Finance Act (No. 2) has introduced a time limit for filing TDS correction statements, marking a significant shift in compliance requirements. Time Restriction Introduced in Revised TDS return filings: Previously, there was no time limit for filing TDS correction statements, allowing endless revisions. Now, …
Can employees be made liable in case TDS is deducted but not paid by employer? Section 199 states that tax deducted at source deducted by the payer and paid to the government is treated as tax paid on behalf of the payee. CBDT is authorized to issue rules for crediting tax deducted at source to …
TDS Rates Chart for the financial year 2024-25 This is the TDS (Tax Deducted at Source) Rates Chart for the financial year 2024-25. Here’s a quick breakdown of the rates and thresholds for various sections: Section 192: Payment of Salary – Based on slab rates; Threshold is the basic exemption limit. Section 193: Interest on …
Introduction to Section 194R Section 194R was introduced to streamline the deduction of Tax Deducted at Source on benefits or perquisites provided in the course of business or profession. This section mandates that any person providing a benefit or perquisite to a resident must deduct tax at a rate of 10% on the value of …
Collection of TCS on Overseas Travel Packages (Rule 206C(1G)(a) applicability) When corporate client not ready to pay us TDS amount @20 percent as per rule 206 C (1G) (a). But client we will deduct TDS on our payment Now Client is saying only 2 percent TDS will deduct on total payment. How CA will handle …
Overview about the TAN (Tax Deduction and Collection Account Number) TAN (Tax Deduction and Collection Account Number) is a unique alphanumeric code issued by the NSDL or UTIITSL in India. It is a ten-digit number required for various tax-related transactions, particularly for deducting and remitting tax deducted at Source . It is mandatory for all …