Tax Deduction at Source (TDS) For quick and efficient tax collection, the Income Tax Act has incorporated a tax deduction system at the point of income generation. This system is termed "Tax Deducted at Source," or TDS. Under this method, tax is deducted from the source of income. Tax is deducted by the payer and...
When purchasing a property worth more than Rs 50 lakh in India, buyers have to follow certain tax procedures. These also include Tax Deducted at Source (TDS) under Section 194IA of the Income Tax Act 1961. This mandate requires that buyers of property, whether residential or commercial deduct TDS at 1% if the property...
With the increasing popularity of influencer marketing in India many social media influencers are constantly sent gifts, freebies, and promotional materials by companies. These are frequently given in exchange for promoting products or services on social media platforms such as Instagram, YouTube, and TikTok. Beginning July 1, 2022, influencers will be subject to a...
The Income Tax Act imposes TDS on professional and technical services under Section 194J. Companies (except individuals and Hindu undivided families) are required to deduct tax when making payments for certain specific services to residents. The objective of Tax Deducted at Source (TDS) is to ensure that tax is collected at the time of...
Notification Summary Effective date 05/2024-Central Tax (Rate) dated 8th October 2024 • Changes in GST rates have been notified by CBIC in respect of cancer drugs, snacks and car and motorcycle seats 10 October 2024 No. 08/2024-Central Tax (Rate) dated 8th October 2024 and Integrated Tax (Rate) dated 8th October 2024 Exemptions provided to various services as per recommendations of GST...
Tax Deducted at Source (TDS) is a critical aspect of India’s taxation system that ensures a steady flow of revenue to the government. However applying TDS is often confusing, especially for businesses trying to understand whether it applies to their service expenses. In this comprehensive guide, we’ll unlock the mystery behind TDS and help...
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...
