WebTCS denotes tax that has to be collected by the seller at the time of sale. Transactions Covered TDS is applicable on salaries, interest, professional fees, rent, contractual payments, etc. TCS applies to the sale of scrap, timber, liquor, minerals, forest produce, cars, tendu leaves, and toll tickets. Threshold Limits & Rates WebSep 3, 2024 · The government collects both direct and indirect taxes to generate revenue. TDS and TCS are two of the main taxes levied on individuals. TDS is an amount that is …
“TDS on Purchase of Goods” - All Questions Answered! - Taxsutra
WebTCS on Sale of Goods VS TDS on Purchase of Goods By admin TCS return, TDS return, TDS v/s TCS Section 194Q provides for TDS @0.1% if the payment is to be made to a “Resident Seller”. Hence in the case of import is done, the TDS u/s 194Q does not arise. WebApr 11, 2024 · Facts- The assessee is a senior citizen aged 70 years. For AY 2011-12 return of income was filed on 11.07.2011 declaring total income of Rs.18,55,120/- from pension, house property and interest. In the said return of income the assessee had declared interest income of his deceased wife from SBI and Canara Bank and claimed TDS credit on the … sprouting dreams llc
Difference Between TDS & TCS - All You Need to Know
WebMay 26, 2024 · Yes, As per provision, TDS 194Q will have priority over TCS 206C (1H) if on transaction both sections are applicable to buyer & seller respectively. It means that … WebMay 20, 2024 · Rate of TDS – Tax is deductible by buyer at the rate of 0.1 per cent of the amount paid or payable exceeding Rs. 50 lakh (in no PAN cases, tax is deductible at the rate of 5 per cent). Threshold limit – Threshold limit is Rs. 50 lakh. When tax is not available – Tax is not deductible in the following cases – WebHello Connections, The Income Tax Dept. Announced TDS rates applicable for AY 2024-25. #tds #tax #rates #announcement #incometax #tdsindia shereen white children\\u0027s rights