WebJun 11, 2024 · TDS (Section 194Q) v. TCS (Section 206C(1H)) – A fight between Right Hand v. Left Hand. With effect from 1 st October 2024, Government had introduced … WebMonitoring unpaid TDS/ TCS payment challan status and working closely with the relevant stakeholders for utilization thereof. Assistance to the Tax manager with implementation of TDS/ TCS changes in ERP used, monitor changes in the tax law and keep the Tax Manager informed. Educational Details: CA Inter. City: Mumbai. State: Maharashtra ...
Income Tax simplified: What is the difference between …
WebMar 23, 2024 · The provisions of the TDS apply to transactions including professional fees, brokerage, salary, rent, etc. Whereas; TCS covers sales transactions related to scrap, liquor, minerals, scrap, and so on. Transaction limit: According to section 194Q, TDS is levied on the purchase of goods worth ₹50 lakhs or more. WebNov 18, 2024 · Another significant difference between TDS and TCS is the tax rate. With TDS, the tax rate varies based on the type of payment being made. Similarly, with TCS, … can you overcook tamales
TDS vs TCS Simplest Explanation With Example Income Tax
WebApr 11, 2024 · 702 total views CBDT clarifies employer’s TDS obligation under new ‘default’ personal tax regime CBDT, vide Circular No. 4/2024 dated 05.04.2024, issues clarification regarding employer’s TDS liability on salary in the light of new default personal tax regime introduced by the Finance Act, 2024 under Section 115BAC(1A); CBDT directs that an … WebDec 31, 2024 · WHAT IS TDS/TCS? In case of certain prescribed payment (e.g. interest, commission, brokerage, rent, etc.) the person making payment is required to deduct tax source (TDS) at prescribe rate. Payer is known … WebMar 23, 2024 · Whereas, in the context of TCS, section 206C (1H) states that the seller must collect TCS if the sales transaction exceeds ₹50 lakhs. Rates: If the transaction value … brillo basics erase and wipe