(i.e. since the applicability is from 1st July 2021 Financial Year 2019-20 & 2020-21) and if the aggregate of TDS/TCS is Rs.50,000 or more in each of the preceding 2 Financial Years, then TDS/TCS shall be charged at a higher rate u/s 206AB.(except for in ...
including sale of property.TDS on sale of property is applicable under Section 194-IA of the income tax law. However, buyers and sellers need not worry about TDS implications at all if the property value is up to Rs 50 lakh. On property deals involving more than Rs 50 lakh, TDS on pro...
As per the new provisions, a certificate for deduction at a lower rate or no deduction will be given by the Assessing Officer under section 197, or declaration by deductee under section 197A for non-deduction of TDS on payments (Form 15G/Form 15H) will not be valid unless the applicati...
Threshold limit amounts Calculation of the threshold limit amount starts on the date of applicability of the new law or the start date of the financial year. The previously announced purchasing limit of Rs. 50 lakh under section 194Q will be considered from April 1, 2021, not from July 1,...
This provision might be an additional burden on the taxpayer. However, it's an additional step that the government has taken to catch people who don't file their income tax returns even when their tax has been deducted or collected and is shown in 26AS. Given the preceding provisio...
GST TDS Applicability in India While making GST payments under GST, regular taxpayers are not required to deduct TDS. Only the following taxpayers are allowed to comply with GST TDS provisions: As per the latest notice, dated 13th Sept 2018, the below entitles will also need to deduct TDS:...
“The applicability of this limit hinges on the terms laid out in therental agreement. When there are multiple tenants sharing a space and each tenant enters into a separate agreement with the landlord, Rs 50,000 threshold applies to each individual ten...
FAQ on Impact on payments made to MSE’s & section 43B(h) applicability Following questions & Answers elated to specific tax & payment scenarios U/s 43B of the Income Tax Act, particularly related to payments made to Micro and Small Enterprises (MSEs) under the Micro, ... OTHERS USA Indi...
of goods by you from the seller is of the value or aggregate of such value exceeding 50 lakhs in the previous year, TDS provisions as mentioned in Section 194Q are applicable on you and it is to be deducted @ 0.1%, where the PAN has been provided to you, and 5%...
17 6.1.3TDSCheques17 6.1.4TDSCertificate18 6.2Deposit18 6.2.1DepositingTDS18 6.3AccountingofTDS19 6.3.1ReceiptofTDS19 6.3.2Compilation19 6.3.3UpdatingandCrediting19 6.4Adjustment20 6.4.1AdjustmentofTDS 20 6.4.2 Documentation 20 7. FINES AND PENALTIES 20 7.1 Fines and Penalties as per the ...