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Jun 19, 2024 · The general rule is that the payer has to deduct TDS if the amount of such interest paid or credited is more than Rs.5000 in a financial year. But. in case of the payer being a Bank, Cooperative society, or Post office – the TDS will be deducted only if the interest is more than Rs. 40,000 / 50,000 for senior citizens in a year.
Jun 27, 2024 · Tax collection at source (TCS) for foreign remittances under LRS was raised from 5% to 20% in Budget 2023. Except for education and medical reasons, this will extend to international travel, sending money abroad, and other remittances. This new rule will take force on 1st July 2023.
Jun 15, 2024 · ICDS - Income Computation and Disclosure Standards. As per Section 145 of the Income Tax Act, any assessee having taxable income under the heads “Profits and gains from business or profession” or “ Income from Other Sources ” has to compute their taxable income in accordance with cash or mercantile system of accounting.
2 days ago · Services provided by coaches for sports activities are notified as professional services under section 194J. The remuneration is more than Rs 30,000 per annum. Therefore, the Badminton Club is liable to deduct TDS under section 194J from the remuneration payable to the Coach, Mr Pravin.
3 days ago · Threshold Limit for Deduction of Tax at Source Under Section 194C. No deduction will be required to be made if the payment for the contract does not exceed Rs.30,000. TDS would be deducted If the payments for the contractors exceeds Rs.30,000 in a single payment or 1,00,000 in the aggregate during the financial year.
Jun 20, 2024 · 2 min read. Tax Deducted at Source (TDS) is a procedure implemented by the Indian government to collect taxes at the source of income. A certain percentage of tax is deducted by the payer at the time of making payments to the receiver, and this amount is then remitted to the government. TDS is applicable to a wide range of income categories ...
Jun 18, 2024 · Section 115BAC - the new tax regime system came into force from FY 2020-21 (AY 2021-22). The new tax regime introduced concessional tax rates with reduced deductions and exemptions. Section 115BAC was further amended in the Budget 2023, and the new regime was made the default regime from FY 2023-24.
