Rate Chart of TDS for FY 2021-22 AY 2022-23
The TDS rates varies from type of taxpayer and the income bracket. The rates of TDS for FY 2021-22 | AY 2022-23 are as follows:
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Which Section is applicable – Section 194Q or Section 206C(1H)?
Through the Union Budget, 2021, a new section namely Section 194Q was inserted in the Income Tax Act and this section is similar to the provisions of Section 206C(1H) of the Act. This is so because both of these sections deals with same transaction of sales/purchases above Rs. 50 lacs from party whose turnover whose turnover is previous year exceeds Rs. 10 crore. Further, Section 194Q talks about deducting TDS and Section 206(1H) talks about collecting tax.
Compliances Due Dates: Income Tax, August 2021
Income Tax due dates are notified by Central Board of Direct Taxes for each month. Non-compliance of the various filing can lead to heavy penalties. The due date for compliances in August, 2021 are as follows:
Income Tax Compliance Calendar: July, 2021
Due to the pandemic COVID-19, various dates of compliances related to Income Tax has been extended. All the due dates in of July, 2021 are:
know Amended Taxation Rules that are effective from october 1, 2020
Due to the current situation and losses causes caused to the economy due to the pandemic COVID-19, various tax changes have been made to the taxation rules by the Central Board …
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