What is new amendment in TDS?

HIGHLIGHTS. The new TDS provisions will be applicable in India from 1 July 2021. The changes are made relating to the purchase of goods, increased TDS rates and pension of senior citizens. A TDS at a higher rate will be charged against those who are liable and have not filed their ITR.

What are the exceptions for TDS deduction?

For the assessment year, 2020-2021 the exemption limit for an individual is Rs 2,50,000. Section 194B – TDS on winning from lottery, crossword or any game: A TDS of 30% is deducted from any amount received by the way of lottery, crosswords or any other game if the amount exceeds Rs. 10,000.

What is TDS 3 in income tax?

Sch- TDS3 : Details of Tax Deducted at Source [As per Form 16C furnished by the Payer(s)] : Column (1) PAN of Tenant. Column (2) Name of Tenant.

What are the TDS provisions?

Introduction​ The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government.

What is Section 194M?

Section 194M of the Income Tax Act, 1961 states that for all the transactions with effect from September 1, 2019, Tax @ 5% or 3.75% should be deducted (depending upon the Date of Payment/Credit to the Deductee) by the Payer/Deductor at the time of making ‘Payments to Resident Contractors and Professional’ Tax so …

Is there any change in TDS rate for FY 2021 22?

25 10 – 30 The TDS at the rate of 25% , 31.20%, 10%, and 41.60% will be applicable on resident Indians, Non- Resident Indians, Domestic Companies and foreign companies respectively.

What is TDS threshold limit?

The threshold for deduction of the TDS under section 194C is Rs. 1,00,000/- for aggregate payment of the whole Financial Year and Rs 30,000/- for the single payment.

What is 206AB and 206CCA?

Section 206AB for TDS is inserted after section 206AA of the income tax act. The latter provides for deduction of TDS at higher rates for non-furnishing of Permanent Account Number (PAN). Similarly, section 206CCA for TCS is inserted after section 206CC of the income tax act.

What is the current TDS rate chart?

TDS Rate Chart for F.Y. 2020-21 (A.Y: 2021-22)

What is the difference between 194C and 194J?

Sunil, As per my views section 194C relate to payment to contractors while 194J relate to fee for professional or technical servies. Thus according to section 194C “Technical in nature” means services providing manpower not consultancy. while section 194J relats to consultancy services.

What is Section 194IA & 194IB?

It is usually deducted by the remitter of the income and deposited with the Income Tax Department. In the case of Section 194IA and Section 194IB, TDS has to be deducted by the payer of the rent and the buyer of the property respectively. TDS can be claimed while filing your Income Tax Returns.

What is the difference between TDs and TCS?

TDS (tax Deducted at source) Rate chart for Financial year 2012-13 is given below for your ready reference . TCS ( Tax collection rate chart ) for financial year 2012-13 is also given here under.

What is the TDS limit for salaried employees in India?

Salary income must be more then exemption limit after deductions. Yearly Limit u/s 194C :Also where the aggregate of the amounts paid/credited or likely to be paid/credited to Contactor or Sub-contractor exceeds Rs.75,000 during the financial year, TDS has to be made u/s 194C.

How to file TDS/TCS quarterly statements?

To issue TDS/TCS certificate, complete in all respects, within the prescribed time in Form No.16 (TDS on salaries), 16A (other TDS) 27D ( TCS). To file TDS/TCS quarterly statements within the due date. To mention PAN of all deductees in the TDS/TCS quarterly statements.

What is the TDS limit U/S 194C?

Yearly Limit u/s 194C :Also where the aggregate of the amounts paid/credited or likely to be paid/credited to Contactor or Sub-contractor exceeds Rs.75,000 during the financial year, TDS has to be made u/s 194C.