If your turnover didn't exceed Rs. 10 crore, section 194Q doesn't apply to you. However, if the seller's turnover exceeded Rs. 10 crore, the seller becomes liable to collect TCS under section 206(c)(1H). Under section 194Q, TDS doesn't have to be deducted on a transaction if ...
Failure in the filing of Tax deduction at source Statement If the deductor fails to file the TDS return by the required date, a penalty of Rs.10,000 to Rs.1 lakh would be imposed under Section 271H of the Income Tax Act. Step-by-Step to Check Status of TDS Deduction ...
Penalty of Late filing TDS return: If you fail to file TDS return according to the due date, the AO may direct you to pay a penalty of Rs. 10,000/- which may extend to Rs.1,00,000/-. It is in addition to the penalty under section 234E. It also covers incorrect filing of TDS...
The Finance Act 2021 has introduced a new section 194Q which is effective from 1st of July 2021. As per this section, TDS will be deducted by a buyer, whose total sales, gross receipts or turnover of purchasing goods exceeded 10 crores rupees in the year prior to a current year, when...
Section NumberSourcePayee TypeThreshold LimitTDS Rate 192Salary PaymentIndividualBasic exemption limits as per the income tax slab rates.Rates of Income Tax in force. 193Interest on securitiesResident-10% 194Deemed DividendResident IndividualRs. 2500 each Financial year.10% ...
(ITA), 1961. Banks deduct tax on fixed deposits if the interest earned on the same exceeds INR 40,000 in a year. The TDS rate will apply once the earnings go past the threshold limit of INR 40,000. The TDS threshold for savings accounts is INR 10,000 under Section 80TTA. However,...
TDS on Payment by Firm-to-Partner, 194T, Payment by Firm-to-Partner, Provision TDS under Section 194T Changes in Budget 2024, Budget 2024, Partnership firms, payments made by partnership firms ... Read More Correcting TDS Errors through filling New Income Tax Form 71 Correcting TDS Errors...
SelectDirect TaxesunderTaxes & Compliance. Select the required TDS preference and clickSave. Apply TDS at Transaction Level To apply TDS at the transaction level: Go to the required transaction in which you want to apply TDS. Select the optionTDSin theTotalsection below theItem Table. ...
Section 194-IB: Rent payment by an individual or HUF not covered u/s. 194I Section 194-IC: Payment under Joint Development Agreements (JDA) to Individual/HUF 1% 5% 10% Section 194J: Any sum paid by way of: (a) Fee for professional services; (b) Remuneration/fee/commission to a...
If you deduct ₹1.5 lakh under Section 80C, your tax obligation at the applicable slab rate will be estimated Estimated annual income ₹12,00,000 Less: Deduction under Chapter VI A ₹1,50,000 Taxable income ₹10,50,000 Income tax as per slab rates ₹1,27,500 Add 4% Education...