Income Tax - Updated TDS Rate Chart for FY 2023-24 (AY 2024-25). Find the latest rates for tax deduction at source for various transactions. Easy-to-understand guide....
Income Tax - TDS Rate Chart for Financial Year (FY) 2023-2024 / Assessment Year (AY) 2024-2025 including Budget 2023 Amendments Tax Deduction at Source (TDS) is one of the important compliances for Income Tax Assessee. There are various sections in Income Tax Law, which specify different TDS rates, nature of payment & its threshold limits for TDS....
Income Tax - In the Finance Act, 2022 the Ministry of Finance inserted TDS on payment to resident contractors and professionals through Section 194M. It’s applicable from 1st September, 2019. Section 194M contains provisions relating to TDS on payments made by individuals or HUF in pursuance of a contract or by way of commission or brokerage or by [...
Income Tax - Income Tax TDS Rate Chart for for Financial Year (FY) 2022-23 / Assessment Year (AY) 2023-24 The term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wherein a person responsible to pay a sum of specified nature shall deduct an amount towards TDS and pay it to the credit of Central Government. […]...
Income Tax - Rationalization of provisions of section 206AB and 206CCA to widen and deepen tax-base In order to widen and deepen the tax-base and to nudge taxpayers to furnish their return of income, Finance Act, 2021 inserted sections 206AB and 206CCA in the Act. The said sections provide for special provision for deduction and collection of tax [&he...
Income Tax - Recently introduced Section 194M of Income tax Act, making it mandatory for Individual & HUF to deduct 5% TDS on prescribed payments As per Section 194 M An Individual or HUF has to deduct TDS other than those who are required to get their accounts audited. It applies when the total amount paid to a […]...
Income Tax - As the Announcement under UNION BUDGET 2019 had proposed a new section 194 M of the Income Tax Act,1961, which requires an Individual or an HUF, to deduct TDS @5%, where they make payment which exceeds Rs. 50 lakh in a year to a contractor or to a professional. Any Person Other than Those who […]...
Circular No. 31/2019-Income Tax - (19/12/2019) - CBDT extends due date for payment of TDS under section 194M during the month of September, 2019 and October, 2019 and the due date for furnishing the challan-cum-statement in Form 26QD for the same, from 31.10.2019 and 30.11.2019 respectively to 31.12.2019. Consequently, the due date of furnishing o...
Notification No. 98/2019-Income Tax [G.S.R.858(E)] - (18/11/2019) - The CBDT has notified that any sum deducted under section 194M shall be paid to the credit of the Central Government within a period of thirty days from the end of the month in which the deduction is made and shall be accompanied by a challan-cum-statement in Form No. 26QD. Every person responsible ...