We have subscribed for MS office 365 for Basic and Azure services. The invoices received from Apr 21 to Dec 21 has exceed amount INR 49000+GST. Requesting you to please highlight us whether TDS deduction is applicable on forthcoming invoices, if yes under which section...
TDS Paid till Date (C) (TDS of Rs 3000 paid on the Net Winnings amount of Rs.10000)3000 Net Winnings at the End of FY (E = A+D-B)12000 Applicable TDS (F = 30% of E)3600 Actual TDS to be Paid (G = F-C)600 Amount in Winnings at the End of FY (H = E-G)11400 ...
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...
In the given scenario, advance payment received from customer for INR 50,000 on which 2% TDS is applicable under TDS Section 194C. In this case TDS calculation will be as following: 展开表 ComponentValue TDS Base Amount 50000 TDS Amount 1000 (50000*2%) GL Entries will be as f...
For example, a seller that is named Fabrikam sold goods to a buyer that is named Contoso and collected TCS under section 206(c)(1H). However, after section 194Q becomes applicable on July 1, 2021), Contoso will be covered by it. Because section 194Q is an overriding section, Contoso ...
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 property sale becomes applicable. ...
Go to the required transaction in which you want to apply TDS. Select the optionTDSin theTotalsection below theItem Table. Select the applicable tax from the dropdown. It will be applied to theSub Totalof your transaction. If you want to use a new TDS rate that is not listed in the ...
FAQs on TDS calculation on salary How to calculate TDS on the purchase of property? To calculate TDS (Tax Deducted at Source) on the purchase of property, you can use tools like this TDS Calculator, which considers the property value and applicable TDS rate. Additionally, consult with a tax...
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%...
194JRoyalty, Director Remuneration, Professional or technical service fees, Non-compete feesResidentRs. 30000 for each income in the FY (Not applicable to payment to the director).10% 194LACompensation on acquiring immovable propertyResidentRs. 250000 per FY10% ...