Under section 194Q, the point of taxation for the buyer is the invoice amount that is credited to the account of the seller, or the payment that is made to the seller (whichever occurs earlier). The TDS amount must be deducted on the amount that exceeds the threshold limit. For example...
The TDS on fixed deposit is applicable only if the interest earned on an FD in a financial year exceeds INR 40,000. This threshold amount is INR 50,000 in the case of for senior citizens. How is TDS Calculated on Fixed Deposit (FD) Interest? TDS (Tax Deducted at Source) is calculated...
Tax deducted at source introduced in GST is a mechanism to track the transaction of supply of goods or services. Let's check when & who is liable to deduct TDS Under GST.
On theGeneraltab of theJournal voucherpage, view or modify the default TDS group defined for the vendor or customer, in theTDS groupfield. The TDS amount that's calculated on journal lines is based on the formula defined for the TDS tax codes listed in theTDS groupfield. ...
Section 192 of the income tax act, 1961, deals with the tax deducted at source (TDS) on salary. It is the employer which deducts tax from the salary of its employees every month based on the prevailing income tax slabs. Since your earnings and income tax rates are subject to change fro...
As per TDS rules, tax (TDS) has to be deducted at source, when amount is paid or credited to the account of the payee whichever is earlier. When the amount is credited to suspense account or any provisional account, then it is treated as amount is credited to the account of ...
If you set the posting indicator to "1", the withholding tax amount is deducted from the customer/vendor line item amount and/or bank line item, and a withholding tax line item automatically created. After that pls make sure that the same Wtax code is assigned your customer master which is...
The Bank has statutory obligation to deduct tax at source if the total interest paid/payable on all term deposits held by a person exceeds the amount specified under the Income Tax Act. The Bank will issue a tax deduction certificate (TDS Certificate) for the amount of tax deducted. The dep...
New Law for higher TDS rate Section 206AB of the Income Tax Act is recently introduced vide the Finance Act, 2021. Under section 206AB of the Act on any sum or income or the amount paid, or payable or credited, by a person (herein referred to as deductee) to a ...
However, there will be a 5% tax-collected-at source (TCS) on any amount sent above Rs 7 lakh. TCS will be levied if tax has not already been deducted at source (TDS) on the amount. A reduced tax rate of 0.5% is applicable for education-related foreign remittances funded by loans ...