Completed Understanding the Lower Deduction Certificate of TDS A Lower Deduction Certificate of Tax Deducted at Source is a certificate issued under Section 197 of the Income Tax Act, 1961. It allows a taxpayer to have tax deducted at a lower rate or not at all, under specific conditions. Here’s a detailed breakdown of Section …
All about How to Download Form Certificate ? What is Form 16? Form 16 is a certificate issued by an employer to their salaried employees. It details the salary paid to the employee during the financial year and the amount of tax deducted at source (TDS). This document is essential for employees when filing their …
All about TDS on Rent Payments u/s 194-I, 194-IC, 194IB & 195 Tax Deducted at Source (TDS) on rent involves deducting a certain percentage of tax from the rent payments made to landlords. This mechanism ensures tax collection at the source of income, aiding in timely tax payment and compliance. Section 194-I: TDS on Rent …
Tax Deducted at Source (TDS) RATE CHART for the FY 2024-25 Q.: How can the TDS be deposited? A corporate assessee and other business assessees are required to pay taxes (including TDS) via internet or debit cards electronically. The deductor must fill in the Challan No. ITNS 281 to deposit the tax. Other deductors may …
Overview on Eligibility For claiming a refund of Tax Collected at Source Tax Collected at Source (TCS) is a tax that is collected by the seller from the buyer at the time of sale. The seller then deposits this tax with the Income Tax Authorities. Section 206C of the Income-tax Act, 1961 in India governs …
Section 194C : TDS on car hire charges Tax Deducted at Source to be deducted on payment made on car hire. Tax Deducted at Source on car hire charges is needed to be deducted u/s 194C. When a person makes a payment to contractor on a contract, Business owner has to deduct Tax Deducted at Source on such payment made …
Key features of Tax Collection at Source @ 20 percentage from 01-10-2023 on foreign remittances: 1. Exemption threshold limit of Seven lakhs per FY per individual shall apply to remittance under liberalized remittance scheme. No threshold exemption for foreign tour packages 2. Tax collection at source Rates for LRS: On amount exceeding INR Seven …
Tax Deducted at Source under section 194Q on payments made to Kachha Arahitia Meaning of Kachha Arahitia A kachha arahtia enters into a privity contract. in order for his constituent and the third party to be held responsible for one another, moreover that A kachha arhatia acts only as an agent of his constituent and …
Due Date Extension for filling TDS Return Form 26Q, 27Q & 27EQ for Q1 FY 2023-24 till Sept. 30, 2023 Recent announcements from the Central Board of Direct Taxes (CBDT) have extended deadlines for submitting specific TDS/TCS (Tax Deducted at Source/Tax Collected at Source) statements. This action is made possible by Circular 9/2023, dated June …
Frequently Asked Questions on form 16 & 16A Q.1: What is the procedure to get Form 16? There is no specified procedure for it. The employer will directly issue the receptive Form 16 to the employee and even in case an employee leaves their job, the employer will then also provide the Form 16. Q.2: …