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: …
Tax collection at source on foreign/overseas tour package With effect From July 1, 2023, a 20 percentage Tax collection at source will be required on an international tour package from a travel agent. In order to increase Tax collection at source on some foreign remittances & on sale of international or overseas tour packages, Income tax act …
Analysis of Obligations to Tax deduction at source on Benefits or Perquisites U/s 194R & CBDT Circular No. 12/2022 dated 16.06.2022 Section 28(IV) of Income Tax Act, 1961 provides for including value of any benefit or perquisite whether convertible into money or not, arising from the business or exercise of profession as income from business …
CHALLAN 26QB: FOR TDS ON PROPERTY SALES In compliance with the provisions laid down in section 194-IA, where a buyer purchases an immovable property such as a house or part of a building other than agricultural land, it is required to deduct TDS on such property at 1% at the time of payment to the …