WebJun 17, 2024 · Finance Act 2024 inserted a new section 194Q which says that the buyer is required to deduct the tax if the purchase of goods from the seller exceeds Rs. 50 lakhs Ø Under section 194Q the... WebHello Connections, The Income Tax Dept. Announced TDS rates applicable for AY 2024-25. #tds #tax #rates #announcement #incometax #tdsindia
TAX DEDUCTION AT SOURCE ON PURCHASE OF …
WebAug 24, 2024 · From 1 st July,2024, businesses are required to deduct TDS on purchase of goods along with the current scope of TDS deduction applicable on notified nature of payment or expenditure. With the insertion of a new section ‘194Q’, the buyer is liable to deduct TDS on the goods purchases and remit it to the Government. screen location finder
How to compute tax to be deducted (TDS) u/s 194Q? Taxmann
WebJul 9, 2024 · BGSS & Associates Changing TDS landscape 4 Changing Role of TDS/TCS provisions: Collection of tax at transaction level to contribute to government exchequer (e.g. 194J, 194C, section 194D) Ensure tax is collected at point of receipt so that taxpayer is not saddled with tax after receipt of income (e.g. salary income) Reporting of high value … WebJul 13, 2024 · As per section 194Q, every buyer who is responsible for making payment of any amount to a resident seller, for the purpose of purchasing any goods having value or an aggregate value greater than Rs 50 lakhs in any previous year; shall have to at the time of making that payment whichever is earlier, deduct an amount that is equal to 0.1% of … WebApr 13, 2024 · 3,597 total views TDS Rate Chart AY 2024-25 (FY 2024-24) TDS Rate Chart AY 2024-25 (FY 2024-24) Section Nature of Payment Threshold Indv / HUF Others Rs. TDS Rate (%) 192 Salaries As per slab As per slab – 192A Premature withdrawal from EPF 50000 10 – 193 Interest on Securities 10000 … Continue reading TDS Rate Chart AY … screen live stream