Web29 Jun 2024 · 4203. To expand the realm of TDS, Union Budget 2024-2024 has introduced a new provision Section 194R under the Income Tax Act, 1961 (herein after referred as “The Act”) that provides for deduction of tax (TDS) on benefit or perquisite in respect of business or profession, to be effective from July 1, 2024. Section 194R mandates a person who ... Web3 Dec 2024 · The Finance Act, 2024 and the Finance Act, 2024 have inserted sections 194-O, 194Q, and 206C(1H) to the Income-tax Act for mandating deduction and collection of tax at source on certain transactions. The guideline on TDS/TCS under Section 194O, section 194Q & Section 206C is explained as under.
Rates 2024 21 - gst - RATES OF TDS APPLICABLE FOR FINANCIAL …
Web30 Sep 2024 · The first explanation to Section 194-O, is the biggest challenge for any E-Commerce Operator to implement. It deviates from the commercial and business rationale. It fails to appreciate the fact as to how the E-Commerce Operator can be asked to deduct TDS, where the payment for goods or services is not routed to the supplier through the E … Web30 Sep 2024 · Finance Act, 2024 inserted a new section 194-O in the Income-tax Act 1961 (hereinafter referred to as "the Act") which mandates that with effect from 1st day of October, 2024, an e-commerce operator shall deduct income-tax at the rate of one per cent (subject to the provisions of proposed section 197B of the Act) of the gross amount of … black rain 223 ar-15
New TDS provision u/s 194BA of the IT Act, 1961 #shorts
Web25 Jun 2024 · Yes, it is goods. However, it may be liable for TCS. If made liable for TCS then TDS U/s 194Q will not be applicable. Shares or Securities: Yes, it is a goods. However, transactions in “shares and securities” through recognised stock exchanges exempted from section 194-O/section 206C(1H) by Guidelines issued by CBDT u/s 194-O(4). Web30 Jun 2024 · CBDT has issued a 6-page Circular No. 13/2024 dated 30.06.2024 detailing the guidelines for deduction of tax (TDS) under section 194Q of Income-tax Act, 1961 (Act) effective from 01.07.2024.The circular contains many FAQs to clarify various issues of TDS under these provisions. Finance Act, 2024 has introduced a new section 194Q which … Web1 Jan 2024 · The relevance of introducing Section 194 O of the Income tax Act 1961 is that in today’s era there are many un-registered sellers who are selling their commodities and … black rain 1989 plot