WebJun 30, 2024 · Navigate to Tax > Setup > Withholding Tax > Initial threshold achieved values. Select Vendor account. Select Withholding tax code. Fill Initial threshold turnover amount … WebApr 10, 2024 · In order to widen and deepen the tax net, the Finance Act, 2024 introduced the levy of Tax Collection at Source (TCS) at the rate of 5% on overseas remittances under LRS with effect from 1 October ...
Difference Between TDS and TCS – A Complete Guide
WebApr 13, 2024 · TCS follows the principle of “COLLECT AS YOU EARN”. Section 206 of the Income-Tax Act defines the list of goods on which TCS is applicable, To understand the … WebSep 29, 2024 · The apex direct tax policy making body issued a set of guidelines to clarity applicability of the provisions taking effect from Thursday The TDS and TCS provisions on e-commerce were brought... includepath c_cpp_properties
Can you change tax regime while filing Income Tax Return (ITR)?
WebApr 1, 2024 · Reduction in TDS and TCS rates on non-salary payments came into effect on May 14, 2024, and will be applicable till March 31, 2024. So, effective from April 1, 2024, the TDS and TCS rates on these non-salary payments will be … WebApr 7, 2024 · A penalty will not be imposed under Section 271H of the Income Tax Act if TDS/TCS returns are not filed by the due date if the following criteria are met: The TDS/TCS is paid to the government. One year after the due date, the TDS/TCS return is submitted. Any applicable interest and late filing costs have been paid to the government's credit. WebApr 15, 2024 · The basic difference between TDS and TCS in GST lies in their applicability, the threshold limits beyond which they are applicable, the rates of deduction and collection, the due date for depositing the tax collected, and so on. TDS Under GST: TDS under GST is applicable when the sale of goods or services exceeds Rs.2.5 Lakhs. little girl swimming