It isn't currently clear whether TDS under section 194Q should be deducted on the total invoice value including GST or on the taxable value excluding GST. Therefore, CBDT must issue clarification about this issue. However, the Advance threshold feature in Finance provides an option to include ...
GST Advisory for Handling Invoices on IMS for FY 2023-24 GST Dept. Recommendation: Avoid rejecting any invoices from FY 2023-24 on the Invoice Management System in October 2024, as this is the last month for ensuring credit eligibility for invoices auto-populated in GSTR-2B and GSTR-3B. ...
GST adjustments/periodic activities GST Cess GST on service management GST input service distribution TDS TDS for customer TCS Voucher interface Fixed asset Gate entry Subcontracting Stale cheque Italy Mexico Netherlands New Zealand Norway Russia
Automatic Reflection of TDS Once the deductor files the return, the TDS shall be reflected automatically in the electronic cash ledger of deductee. The deductee can claim credit of this tax deducted and use it for payments of other taxes. ...
He has argued numerous cases before different benches of the ITAT and has many reported judgments to his credit. In addition to his litigation work, he has played a significant role in advising on inbound and outbound transaction, facilitating both the inflow of investments into India and the ...
In the Credit field, enter 1200.00. In the Offset account type field, select Bank, and then, in the Offset account field, select Bank-IND OPER. Select Tax Information. Notice that GST TDS is calculated based on the defined percentage (10.0). Additionally, notice that the GST that is...
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A new Rule 134 is inserted after 133 which expresses regarding the Application under sub-section (20) of section 155 about credit of tax deduction at source. The taxpayer must make the application under sub-section (20) of section 155 will be in Form No. 71. e-Form No. 71 Will Be Is...
Mutual Fund under Section 10(23D) Finance Corporations of State or Central government If the deductee has non-deduction certificate under Section 192 of ITA. Credit to or interest paid to: Banking company. Co-operative society with banking business. ...
It is to be noted that TDS can be deducted only from the earnings which implies that this TDS liability sprouts out only in the case of earnings or income. TDS is deducted ahead of making payment and is taken from the payments which are made in cash, cheque or credit. The amount so ...