This document provides an overview of tax deducted at source (TDS) provisions in India. It discusses the key sections of the Income Tax Act related to TDS on salaries, interest, rent, professional fees, and other payments. It outlines the applicable TDS rates, thresholds for deduction, deadlines for depositing deducted taxes, and penalties for non-compliance. The presentation aims to help understand TDS requirements and consequences of any defaults in deduction or payment of TDS.
Tds Presentation as per Finance Act, 2014Manu Katare
1) TDS refers to the deduction of tax at source on certain specified payments. Key provisions around TDS are covered under Chapter XVII-B of the Income Tax Act, 1961.
2) The document outlines various sections related to TDS such as 192 on salaries, 194 on dividends, 194A on interest, 194C on payments to contractors, and exceptions to these sections.
3) It also discusses the rates of TDS to be applied based on the nature of the deductee, including the applicability of surcharge and education cess in case of companies, foreign companies, and non-residents.
1. Advance tax, TDS, and TCS are the major modes of collecting tax at source during or before the financial year.
2. Advance tax is paid voluntarily by taxpayers in installments over the course of the financial year based on their estimated annual income.
3. TDS involves the deduction of tax at source from certain specified payments like salaries, rent, professional fees, etc. at prescribed rates by the deductors.
4. TCS involves the collection of tax by certain buyers from sellers at the time of sale of specified goods like scrap, bullion, jewellery above a threshold limit at prescribed rates.
This document outlines the tax deduction at source (TDS) compliance process in India. It applies to all corporate and government deductors who are required to get their accounts audited. The key steps are: 1) apply for and obtain a TAN number; 2) deduct tax from applicable payments like salaries, interest, rent, etc. at the time of payment or credit; 3) deposit the deducted tax with the government treasury by the due dates; 4) file quarterly electronic TDS returns; and 5) issue TDS certificates to deductees. Failure to comply can result in penalties like interest charges, fines, and in severe cases, imprisonment.
TDS stands for Tax Deduction at Source. It is a mechanism for collecting income tax in India whereby the tax is deducted at source from payments like salary, interest, rent, etc. at the time of payment/credit. The payer has to deduct tax as per rates specified in the Income Tax Act 1961 from the payments, deposit the deducted tax with the government, file quarterly TDS returns, and issue annual TDS certificates to the payee. The payee can then claim credit for the TDS while filing their income tax return. The document outlines the basics of TDS, rates of deduction for different types of payments, due dates for depositing deducted taxes, filing returns and issuing certificates
TDS stands for Tax Deduction at Source. It is a mechanism for collecting income tax in India whereby the tax is deducted at source from payments like salary, interest, rent, etc. at the time of payment/credit. The payer has to deduct tax as per rates specified in the Income Tax Act 1961 from the payments made and deposit it with the government. The payer also has to obtain a Tax Deduction Account Number (TAN), file quarterly TDS returns, and issue TDS certificates to the payee. The payee can then claim credit for the TDS while filing their income tax return.
TDS stands for tax deducted at source, where any person making certain types of payments is required to deduct tax from the payment and deposit it with the government. The key points covered are:
- Common sections related to TDS include 192 (salaries), 193 (interest), 194A (other interest), 194C (contractors), among others.
- Rates and thresholds vary based on the type of payment and recipient. Rates are typically 10-20% and thresholds are amounts like Rs. 30,000 for contractors.
- The payer is responsible for depositing the TDS, issuing certificates to payees, and filing annual returns. Payees can claim credit for TDS against
This document provides an overview of key Indian tax rates, rules, and regulations for the assessment years 2021-22 and 2022-23. It summarizes income tax slabs and rates for individuals, HUF, firms, companies and cooperative societies. It also outlines key tax deducted at source provisions around applicable thresholds and rates for common income types like salary, interest, dividends, rent, professional fees, and payments to contractors.
Growth presentation on basics of tds undergrowthsv
The document provides an overview of taxation deducted at source (TDS) under Indian income tax laws. It discusses key sections related to TDS such as Section 192 on TDS for salaries, Section 194C on TDS for payments to contractors, Section 194I on TDS for rent payments, and Section 195 on TDS for payments to non-residents. It also covers important points about TDS rates, payment due dates, certificates to be issued, and quarterly statement filings. The document aims to help stakeholders understand their TDS obligations and ensure accuracy in deducting and reporting TDS.
Tds Presentation as per Finance Act, 2014Manu Katare
1) TDS refers to the deduction of tax at source on certain specified payments. Key provisions around TDS are covered under Chapter XVII-B of the Income Tax Act, 1961.
2) The document outlines various sections related to TDS such as 192 on salaries, 194 on dividends, 194A on interest, 194C on payments to contractors, and exceptions to these sections.
3) It also discusses the rates of TDS to be applied based on the nature of the deductee, including the applicability of surcharge and education cess in case of companies, foreign companies, and non-residents.
1. Advance tax, TDS, and TCS are the major modes of collecting tax at source during or before the financial year.
2. Advance tax is paid voluntarily by taxpayers in installments over the course of the financial year based on their estimated annual income.
3. TDS involves the deduction of tax at source from certain specified payments like salaries, rent, professional fees, etc. at prescribed rates by the deductors.
4. TCS involves the collection of tax by certain buyers from sellers at the time of sale of specified goods like scrap, bullion, jewellery above a threshold limit at prescribed rates.
This document outlines the tax deduction at source (TDS) compliance process in India. It applies to all corporate and government deductors who are required to get their accounts audited. The key steps are: 1) apply for and obtain a TAN number; 2) deduct tax from applicable payments like salaries, interest, rent, etc. at the time of payment or credit; 3) deposit the deducted tax with the government treasury by the due dates; 4) file quarterly electronic TDS returns; and 5) issue TDS certificates to deductees. Failure to comply can result in penalties like interest charges, fines, and in severe cases, imprisonment.
TDS stands for Tax Deduction at Source. It is a mechanism for collecting income tax in India whereby the tax is deducted at source from payments like salary, interest, rent, etc. at the time of payment/credit. The payer has to deduct tax as per rates specified in the Income Tax Act 1961 from the payments, deposit the deducted tax with the government, file quarterly TDS returns, and issue annual TDS certificates to the payee. The payee can then claim credit for the TDS while filing their income tax return. The document outlines the basics of TDS, rates of deduction for different types of payments, due dates for depositing deducted taxes, filing returns and issuing certificates
TDS stands for Tax Deduction at Source. It is a mechanism for collecting income tax in India whereby the tax is deducted at source from payments like salary, interest, rent, etc. at the time of payment/credit. The payer has to deduct tax as per rates specified in the Income Tax Act 1961 from the payments made and deposit it with the government. The payer also has to obtain a Tax Deduction Account Number (TAN), file quarterly TDS returns, and issue TDS certificates to the payee. The payee can then claim credit for the TDS while filing their income tax return.
TDS stands for tax deducted at source, where any person making certain types of payments is required to deduct tax from the payment and deposit it with the government. The key points covered are:
- Common sections related to TDS include 192 (salaries), 193 (interest), 194A (other interest), 194C (contractors), among others.
- Rates and thresholds vary based on the type of payment and recipient. Rates are typically 10-20% and thresholds are amounts like Rs. 30,000 for contractors.
- The payer is responsible for depositing the TDS, issuing certificates to payees, and filing annual returns. Payees can claim credit for TDS against
This document provides an overview of key Indian tax rates, rules, and regulations for the assessment years 2021-22 and 2022-23. It summarizes income tax slabs and rates for individuals, HUF, firms, companies and cooperative societies. It also outlines key tax deducted at source provisions around applicable thresholds and rates for common income types like salary, interest, dividends, rent, professional fees, and payments to contractors.
Growth presentation on basics of tds undergrowthsv
The document provides an overview of taxation deducted at source (TDS) under Indian income tax laws. It discusses key sections related to TDS such as Section 192 on TDS for salaries, Section 194C on TDS for payments to contractors, Section 194I on TDS for rent payments, and Section 195 on TDS for payments to non-residents. It also covers important points about TDS rates, payment due dates, certificates to be issued, and quarterly statement filings. The document aims to help stakeholders understand their TDS obligations and ensure accuracy in deducting and reporting TDS.
Protect your employees and their families through this self – financing social security and health insurance scheme, Professional Tax is levied by the state government on the income earned by professionals. Get the information about Tax Deducted at Source (TDS) Returns, ESI Returns and Professional Tax Registration and the Process.
TDS is required to be deducted from payments made to resident contractors or sub-contractors under section 194C of the Income Tax Act if the aggregate amount exceeds Rs. 75,000 in a financial year. TDS of 1% or 2% depending on the recipient must be deducted unless the PAN is not quoted, in which case the rate is 20%. The deducted TDS must be deposited with the government within 7 days of the end of the month in which the deduction was made.
This document provides details on tax deducted at source (TDS) rates, thresholds, and due dates for the financial year 2016-17 as per the Indian Income Tax Act. It includes the TDS rate charts listing the tax deduction rates for various types of payments made to residents and non-residents. It also provides notes on aspects like surcharge, education cess, consequences of non-furnishing of PAN number, and exceptions for individual/HUF deductors.
This document provides an overview of tax deducted at source (TDS) in India. It defines TDS and explains that it is a mechanism for collecting income tax by deducting taxes from payments made to recipients. It outlines who is required to deduct TDS, their responsibilities, applicable tax rates and payments that attract TDS. It also summarizes provisions related to tax collected at source (TCS), due dates for depositing TDS/TCS, filing returns and issuing TDS certificates.
This document provides a TDS-TCS rate chart for the financial year 2013-14 published by www.simpletaxindia.net. It lists the tax deduction at source rates for various types of payments like salaries, interest, contracts, commissions etc. along with applicable thresholds. It also provides details on TCS rates, due dates for depositing TDS-TCS, situations where surcharge and cess are applicable, consequences of default and duties of the tax deductor. The key highlights are the TDS rates for various payments, TCS rates on specified goods or services, due dates to deposit the deducted or collected tax, and penalties for non-compliance.
This document discusses various aspects of section 195 of the Indian Income Tax Act, which deals with tax deducted at source (TDS) for payments made to non-residents. Some key points discussed include:
- Section 195 mandates any person making payments such as interest, royalty or fees for technical services to non-residents to deduct TDS at the time of payment.
- The rate of TDS depends on factors such as whether a lower treaty rate can be applied based on a tax residency certificate.
- Non-compliance can attract penalties for the payer such as interest, fines and in some cases prosecution.
- Exceptions apply when a lower or nil withholding certificate is obtained
TDS stands for Tax Deducted at Source. As per the Income Tax Act, any person or company making certain types of payments above a threshold amount is required to deduct tax from the payment. This deducted tax is then deposited with the government. Common types of payments where TDS applies include salaries, rent, contract payments, professional fees, interest payments, and others. It is the responsibility of the deductor to deduct TDS at the time of making the payment and deposit it with the government on time. The deductee can claim tax credit for the TDS amount deducted based on the TDS certificate provided by the deductor.
Our Tax team has summarised the important compliance related provisions of Income Tax Act 1961 and prepared the compliance hand book for easy reference.
This document provides information on TDS requirements for foreign remittances under Indian law. It notes that TDS must be deducted on payments to non-residents according to section 195 of the Income Tax Act. Form 15CA must be filed for remittances over Rs. 50,000 or Rs. 2.5 lakhs annually along with Form 15CB from a chartered accountant. The proper procedure for deducting and depositing TDS is outlined. Implications of sections 195, 206AA, and tax treaties are discussed. The importance of obtaining a tax residency certificate for claiming treaty benefits is also explained.
This document summarizes tax deduction at source requirements in India. It states that any person responsible for making income payments covered by the tax scheme must deduct tax at prescribed rates and deposit the amounts by the 7th of the following month. It also outlines requirements for obtaining a TAN number, issuing TDS certificates, submitting quarterly statements, and penalties for non-compliance. Various sections are cited that specify TDS rates for different types of payments like salary, rent, interest, dividends, and commission.
This document provides an overview of Tax Deduction at Source (TDS) in India. TDS refers to tax deducted at the source of income by the payer from amounts paid to the recipient. The key points covered are:
- TDS is an advance tax paid to the government and the tax deducted has to be deposited within a specified time.
- Employers, government bodies, companies, banks, and other specified entities are responsible for deducting TDS based on the type of payment and thresholds.
- Various sections of the Income Tax Act specify the rates of TDS to be applied on different types of income such as salaries, interest, rent, professional fees, lottery winnings
- The document discusses procedures related to foreign remittances and TDS requirements under Indian law.
- It outlines the process for foreign remittance which includes obtaining forms 15CA and 15CB, details to be provided in the forms based on the remittance amount, submitting the forms to the RBI or authorized dealer along with bills.
- TDS must be deducted on payments made to non-residents per section 195 of the Income Tax Act. The applicable TDS rate will be the domestic rate or lower treaty rate, if available. PAN is mandatory for deducting TDS to get benefit of lower or nil rate otherwise TDS is deducted at 20% under section 206AA.
This chapter consists of E-commerce Transaction and Liability in Special Cases; Tonnage Taxation, TDS; Advance Payment of Tax with reference to Corporate Assessee; TCS; Administrative Procedure; Assessment- Procedures and Types of Assessment; Return on Income; Statement of Financial Transaction (SFT). E-Filing: Appeal and Revision; Penalties.
Electronic contracts are governed by the basic principles elucidated in the Indian Contract Act, 1872, which mandates that a valid contract should have been entered with a free consent and for a lawful consideration between two adults.
Investments in the E-Commerce Space in India Foreign direct investment (“FDI”) in India is regulated under the Foreign Exchange Management Act 1999 (“FEMA”). The Department of Industrial Policy and Promotion (“DIPP”), Ministry of Commerce and Industry, Government of India makes policy pronouncements on FDI through Press Notes and Press Releases which are notified by the Reserve Bank of India (“RBI”) as amendments to Foreign Exchange Management Regulations, 2000
Tonnage Tax is a way for qualifying shipping companies to calculate their shipping related profits for Corporation Tax (CT) purposes. The shipping related profits are calculated based on the tonnage of the ships used in the company's shipping trade.
A tonnage tax is a taxation mechanism that can be applied to shipping companies instead of ordinary corporate taxation. The tax is determined by the net tonnage of the entire fleet of vessels under operation or use by a company. It is on the basis of this variable that taxation is applied.
Tonnage Tax is a way for qualifying shipping companies to calculate their shipping related profits for Corporation Tax (CT) purposes. The shipping related profits are calculated based on the tonnage of the ships used in the company’s shipping trade.
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. The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor.
TDS (Tax Deducted at Source) under section 194C of the Income Tax Act, 1961, pertains to payments made to contractors and subcontractors. When an individual or a business makes a payment to a contractor or subcontractor for carrying out any work (including supply of labour for carrying out such work), they are required to deduct TDS at specified rates from such payments.
TDS is a new concept in Sales Tax laws of the State. Many dealers and even sales tax practitioners do not deal in TDS under sales tax. It the most untouched area in the State Vat.
This share will provide you a brief description of TDS Concepts under DVAT Act.
This document discusses various provisions related to tax deduction and collection at source in India. It covers sections 192-195 of the Income Tax Act which deal with TDS on salary, interest, contracts, commission, rent, professional fees and payments to non-residents. It also discusses section 206C dealing with tax collection at source and the penal consequences for non-compliance with these TDS and TCS provisions.
1) The document discusses various provisions related to GST including rates, invoice formats, input tax credits, filing of returns and refunds.
2) It provides details on CGST, SGST and IGST rates applicable on different items and the rates to be mentioned in tax invoices depending on whether the receiver is within or outside the state.
3) It explains the conditions for availing input tax credit and specifies credits that are disallowed like those for personal use or exempted supplies.
This document outlines various sections related to tax deducted at source (TDS) in India. It discusses key details about TDS deductions like rates, thresholds and applicable sections for common payments like salary (192), interest (194A), rent (194I), professional fees (194J), and others. It also covers TDS on payments to non-residents under sections 195, 196B, 196C and 196D. The document provides a comprehensive reference for individuals and organizations to understand their TDS obligations in India.
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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Philippine Edukasyong Pantahanan at Pangkabuhayan (EPP) CurriculumMJDuyan
(𝐓𝐋𝐄 𝟏𝟎𝟎) (𝐋𝐞𝐬𝐬𝐨𝐧 𝟏)-𝐏𝐫𝐞𝐥𝐢𝐦𝐬
𝐃𝐢𝐬𝐜𝐮𝐬𝐬 𝐭𝐡𝐞 𝐄𝐏𝐏 𝐂𝐮𝐫𝐫𝐢𝐜𝐮𝐥𝐮𝐦 𝐢𝐧 𝐭𝐡𝐞 𝐏𝐡𝐢𝐥𝐢𝐩𝐩𝐢𝐧𝐞𝐬:
- Understand the goals and objectives of the Edukasyong Pantahanan at Pangkabuhayan (EPP) curriculum, recognizing its importance in fostering practical life skills and values among students. Students will also be able to identify the key components and subjects covered, such as agriculture, home economics, industrial arts, and information and communication technology.
𝐄𝐱𝐩𝐥𝐚𝐢𝐧 𝐭𝐡𝐞 𝐍𝐚𝐭𝐮𝐫𝐞 𝐚𝐧𝐝 𝐒𝐜𝐨𝐩𝐞 𝐨𝐟 𝐚𝐧 𝐄𝐧𝐭𝐫𝐞𝐩𝐫𝐞𝐧𝐞𝐮𝐫:
-Define entrepreneurship, distinguishing it from general business activities by emphasizing its focus on innovation, risk-taking, and value creation. Students will describe the characteristics and traits of successful entrepreneurs, including their roles and responsibilities, and discuss the broader economic and social impacts of entrepreneurial activities on both local and global scales.
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Protect your employees and their families through this self – financing social security and health insurance scheme, Professional Tax is levied by the state government on the income earned by professionals. Get the information about Tax Deducted at Source (TDS) Returns, ESI Returns and Professional Tax Registration and the Process.
TDS is required to be deducted from payments made to resident contractors or sub-contractors under section 194C of the Income Tax Act if the aggregate amount exceeds Rs. 75,000 in a financial year. TDS of 1% or 2% depending on the recipient must be deducted unless the PAN is not quoted, in which case the rate is 20%. The deducted TDS must be deposited with the government within 7 days of the end of the month in which the deduction was made.
This document provides details on tax deducted at source (TDS) rates, thresholds, and due dates for the financial year 2016-17 as per the Indian Income Tax Act. It includes the TDS rate charts listing the tax deduction rates for various types of payments made to residents and non-residents. It also provides notes on aspects like surcharge, education cess, consequences of non-furnishing of PAN number, and exceptions for individual/HUF deductors.
This document provides an overview of tax deducted at source (TDS) in India. It defines TDS and explains that it is a mechanism for collecting income tax by deducting taxes from payments made to recipients. It outlines who is required to deduct TDS, their responsibilities, applicable tax rates and payments that attract TDS. It also summarizes provisions related to tax collected at source (TCS), due dates for depositing TDS/TCS, filing returns and issuing TDS certificates.
This document provides a TDS-TCS rate chart for the financial year 2013-14 published by www.simpletaxindia.net. It lists the tax deduction at source rates for various types of payments like salaries, interest, contracts, commissions etc. along with applicable thresholds. It also provides details on TCS rates, due dates for depositing TDS-TCS, situations where surcharge and cess are applicable, consequences of default and duties of the tax deductor. The key highlights are the TDS rates for various payments, TCS rates on specified goods or services, due dates to deposit the deducted or collected tax, and penalties for non-compliance.
This document discusses various aspects of section 195 of the Indian Income Tax Act, which deals with tax deducted at source (TDS) for payments made to non-residents. Some key points discussed include:
- Section 195 mandates any person making payments such as interest, royalty or fees for technical services to non-residents to deduct TDS at the time of payment.
- The rate of TDS depends on factors such as whether a lower treaty rate can be applied based on a tax residency certificate.
- Non-compliance can attract penalties for the payer such as interest, fines and in some cases prosecution.
- Exceptions apply when a lower or nil withholding certificate is obtained
TDS stands for Tax Deducted at Source. As per the Income Tax Act, any person or company making certain types of payments above a threshold amount is required to deduct tax from the payment. This deducted tax is then deposited with the government. Common types of payments where TDS applies include salaries, rent, contract payments, professional fees, interest payments, and others. It is the responsibility of the deductor to deduct TDS at the time of making the payment and deposit it with the government on time. The deductee can claim tax credit for the TDS amount deducted based on the TDS certificate provided by the deductor.
Our Tax team has summarised the important compliance related provisions of Income Tax Act 1961 and prepared the compliance hand book for easy reference.
This document provides information on TDS requirements for foreign remittances under Indian law. It notes that TDS must be deducted on payments to non-residents according to section 195 of the Income Tax Act. Form 15CA must be filed for remittances over Rs. 50,000 or Rs. 2.5 lakhs annually along with Form 15CB from a chartered accountant. The proper procedure for deducting and depositing TDS is outlined. Implications of sections 195, 206AA, and tax treaties are discussed. The importance of obtaining a tax residency certificate for claiming treaty benefits is also explained.
This document summarizes tax deduction at source requirements in India. It states that any person responsible for making income payments covered by the tax scheme must deduct tax at prescribed rates and deposit the amounts by the 7th of the following month. It also outlines requirements for obtaining a TAN number, issuing TDS certificates, submitting quarterly statements, and penalties for non-compliance. Various sections are cited that specify TDS rates for different types of payments like salary, rent, interest, dividends, and commission.
This document provides an overview of Tax Deduction at Source (TDS) in India. TDS refers to tax deducted at the source of income by the payer from amounts paid to the recipient. The key points covered are:
- TDS is an advance tax paid to the government and the tax deducted has to be deposited within a specified time.
- Employers, government bodies, companies, banks, and other specified entities are responsible for deducting TDS based on the type of payment and thresholds.
- Various sections of the Income Tax Act specify the rates of TDS to be applied on different types of income such as salaries, interest, rent, professional fees, lottery winnings
- The document discusses procedures related to foreign remittances and TDS requirements under Indian law.
- It outlines the process for foreign remittance which includes obtaining forms 15CA and 15CB, details to be provided in the forms based on the remittance amount, submitting the forms to the RBI or authorized dealer along with bills.
- TDS must be deducted on payments made to non-residents per section 195 of the Income Tax Act. The applicable TDS rate will be the domestic rate or lower treaty rate, if available. PAN is mandatory for deducting TDS to get benefit of lower or nil rate otherwise TDS is deducted at 20% under section 206AA.
This chapter consists of E-commerce Transaction and Liability in Special Cases; Tonnage Taxation, TDS; Advance Payment of Tax with reference to Corporate Assessee; TCS; Administrative Procedure; Assessment- Procedures and Types of Assessment; Return on Income; Statement of Financial Transaction (SFT). E-Filing: Appeal and Revision; Penalties.
Electronic contracts are governed by the basic principles elucidated in the Indian Contract Act, 1872, which mandates that a valid contract should have been entered with a free consent and for a lawful consideration between two adults.
Investments in the E-Commerce Space in India Foreign direct investment (“FDI”) in India is regulated under the Foreign Exchange Management Act 1999 (“FEMA”). The Department of Industrial Policy and Promotion (“DIPP”), Ministry of Commerce and Industry, Government of India makes policy pronouncements on FDI through Press Notes and Press Releases which are notified by the Reserve Bank of India (“RBI”) as amendments to Foreign Exchange Management Regulations, 2000
Tonnage Tax is a way for qualifying shipping companies to calculate their shipping related profits for Corporation Tax (CT) purposes. The shipping related profits are calculated based on the tonnage of the ships used in the company's shipping trade.
A tonnage tax is a taxation mechanism that can be applied to shipping companies instead of ordinary corporate taxation. The tax is determined by the net tonnage of the entire fleet of vessels under operation or use by a company. It is on the basis of this variable that taxation is applied.
Tonnage Tax is a way for qualifying shipping companies to calculate their shipping related profits for Corporation Tax (CT) purposes. The shipping related profits are calculated based on the tonnage of the ships used in the company’s shipping trade.
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. The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor.
TDS (Tax Deducted at Source) under section 194C of the Income Tax Act, 1961, pertains to payments made to contractors and subcontractors. When an individual or a business makes a payment to a contractor or subcontractor for carrying out any work (including supply of labour for carrying out such work), they are required to deduct TDS at specified rates from such payments.
TDS is a new concept in Sales Tax laws of the State. Many dealers and even sales tax practitioners do not deal in TDS under sales tax. It the most untouched area in the State Vat.
This share will provide you a brief description of TDS Concepts under DVAT Act.
This document discusses various provisions related to tax deduction and collection at source in India. It covers sections 192-195 of the Income Tax Act which deal with TDS on salary, interest, contracts, commission, rent, professional fees and payments to non-residents. It also discusses section 206C dealing with tax collection at source and the penal consequences for non-compliance with these TDS and TCS provisions.
1) The document discusses various provisions related to GST including rates, invoice formats, input tax credits, filing of returns and refunds.
2) It provides details on CGST, SGST and IGST rates applicable on different items and the rates to be mentioned in tax invoices depending on whether the receiver is within or outside the state.
3) It explains the conditions for availing input tax credit and specifies credits that are disallowed like those for personal use or exempted supplies.
This document outlines various sections related to tax deducted at source (TDS) in India. It discusses key details about TDS deductions like rates, thresholds and applicable sections for common payments like salary (192), interest (194A), rent (194I), professional fees (194J), and others. It also covers TDS on payments to non-residents under sections 195, 196B, 196C and 196D. The document provides a comprehensive reference for individuals and organizations to understand their TDS obligations in India.
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ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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Philippine Edukasyong Pantahanan at Pangkabuhayan (EPP) CurriculumMJDuyan
(𝐓𝐋𝐄 𝟏𝟎𝟎) (𝐋𝐞𝐬𝐬𝐨𝐧 𝟏)-𝐏𝐫𝐞𝐥𝐢𝐦𝐬
𝐃𝐢𝐬𝐜𝐮𝐬𝐬 𝐭𝐡𝐞 𝐄𝐏𝐏 𝐂𝐮𝐫𝐫𝐢𝐜𝐮𝐥𝐮𝐦 𝐢𝐧 𝐭𝐡𝐞 𝐏𝐡𝐢𝐥𝐢𝐩𝐩𝐢𝐧𝐞𝐬:
- Understand the goals and objectives of the Edukasyong Pantahanan at Pangkabuhayan (EPP) curriculum, recognizing its importance in fostering practical life skills and values among students. Students will also be able to identify the key components and subjects covered, such as agriculture, home economics, industrial arts, and information and communication technology.
𝐄𝐱𝐩𝐥𝐚𝐢𝐧 𝐭𝐡𝐞 𝐍𝐚𝐭𝐮𝐫𝐞 𝐚𝐧𝐝 𝐒𝐜𝐨𝐩𝐞 𝐨𝐟 𝐚𝐧 𝐄𝐧𝐭𝐫𝐞𝐩𝐫𝐞𝐧𝐞𝐮𝐫:
-Define entrepreneurship, distinguishing it from general business activities by emphasizing its focus on innovation, risk-taking, and value creation. Students will describe the characteristics and traits of successful entrepreneurs, including their roles and responsibilities, and discuss the broader economic and social impacts of entrepreneurial activities on both local and global scales.
This document provides an overview of wound healing, its functions, stages, mechanisms, factors affecting it, and complications.
A wound is a break in the integrity of the skin or tissues, which may be associated with disruption of the structure and function.
Healing is the body’s response to injury in an attempt to restore normal structure and functions.
Healing can occur in two ways: Regeneration and Repair
There are 4 phases of wound healing: hemostasis, inflammation, proliferation, and remodeling. This document also describes the mechanism of wound healing. Factors that affect healing include infection, uncontrolled diabetes, poor nutrition, age, anemia, the presence of foreign bodies, etc.
Complications of wound healing like infection, hyperpigmentation of scar, contractures, and keloid formation.
This presentation was provided by Racquel Jemison, Ph.D., Christina MacLaughlin, Ph.D., and Paulomi Majumder. Ph.D., all of the American Chemical Society, for the second session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session Two: 'Expanding Pathways to Publishing Careers,' was held June 13, 2024.
A Visual Guide to 1 Samuel | A Tale of Two HeartsSteve Thomason
These slides walk through the story of 1 Samuel. Samuel is the last judge of Israel. The people reject God and want a king. Saul is anointed as the first king, but he is not a good king. David, the shepherd boy is anointed and Saul is envious of him. David shows honor while Saul continues to self destruct.
Chapter wise All Notes of First year Basic Civil Engineering.pptxDenish Jangid
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
How to Setup Warehouse & Location in Odoo 17 InventoryCeline George
In this slide, we'll explore how to set up warehouses and locations in Odoo 17 Inventory. This will help us manage our stock effectively, track inventory levels, and streamline warehouse operations.
SWOT analysis in the project Keeping the Memory @live.pptx
Tax deducted at source..................
1. PRESENTATION ON TDS OTHER
THAN SALARIES UNDER INCOME
TAX ACT AND RELATED ISSUES
Presented by
CA Manoj D. Chandak
Malani Somani Chandak & Associates
Chartered Accountants
2. TDS – OVERVIEW
2
• Persons responsible for making payment of income
covered by the scheme of tax deduction are required to
deduct tax at source at the prescribed rate.
• Tax so deducted should be deposited within the
prescribed time.
• Moreover, return of tax deduction at source i.e.
quarterly statement should be submitted within the
specified time.
• Form No. 16A for Tax Deducted at Source should be
issued within prescribed time.
Prepared by CA Manoj D. Chandak
3. 3
Consequences of Default
• Assessee deemed to be an assessee in default if any person
who is responsible to deduct and after deduction to pay tax,
failed to do so is deemed to be an assessee in default in
respect of the tax.
• Interest under section 201(1A):
• 1% per month or part of the month from the date on
which tax was deductible to the date of deduction.
• 1.5% per month or part of the month from the date of
deduction to the date of payment.
• Disallowance of certain expenditure under section 40(a)
Prepared by CA Manoj D. Chandak
4. • Penalty under section 221
– Up to the amount of TDS.
– Attachment and sale of Movable & Immovable
property.
– Arrest of the Assesses and his detention in prison.
• Penalty under section 272A(2)(k) (up to 30/06/2012) – Rs.100/- per
day or to the amount of TDS whichever is less.
• Penalty under section 271H (w.e.f. 01/07/2012) – Min. Rs.10000 or
Max. Rs.1,00,000/-if a person fails to submit quarterly TDS/TCS return
on or before the due date or if a person furnishes incorrect
information in these quarterly returns.
• Late Filling Fee u/s 234E (w.e.f. 01/07/2012) – Rs.200/- for every day
during which the failure continues or to the amount of TDS whichever
is less. This fees will be in addition to other consequences under the
Act. 4
Consequences of Default
Prepared by CA Manoj D. Chandak
5. TDS PROVISIONS IN BRIEF
Section of
I.T Act
Nature of expenditure / payment Rate of
TDS
192 Salaries Average
rate
193
194A
194D
Interest on Securities
Other Interest
Insurance Commission
10%
194DA Payment in respect of Life Insurance Policy 2%
194B Winning from Lottery / Crossword puzzle /
Card games / Other games
30%
5
Prepared by CA Manoj D. Chandak
6. TDS PROVISIONS IN BRIEF
Section of
I.T Act
Nature of expenditure / payment Rate of
TDS
194C Payments to contractors (including advance
payments)
a)Contractors who are individuals or HUF
b)Other Contractors
1%
2%
194H Commission or Brokerage 10%
194I Rent
a)Plant, Machinery or Equipment
b)Land, Building or Furniture
2%
10%
6
Prepared by CA Manoj D. Chandak
7. TDS PROVISIONS IN BRIEF
Section of
I.T Act
Nature of expenditure / payment Rate of
TDS
194J Fees for Professional / Technical services /
Royalty and other sums referred to in Sec.
28(v)(a)
10%
194LA Compensation for Compulsory Acquisition
of Immovable Property
10%
194IA TDS on Sale of Property 1%
7
Prepared by CA Manoj D. Chandak
8. 8
194A - Interest other than interest on
securities
• If the interest in the financial year exceeds Rs.5,000/-
where the payer is any other person. If payer is Banking
Company or Co-operative Society or Post office and
interest is payable on time deposit/ notified deposit
scheme with post office, the said limit is Rs. 10,000/- for
TDS.
• 10% Income Tax to be deducted at the time of credit or
payment whichever is earlier.
• Form No. 16A to be issued within 15 days from the due
date of filling of TDS return.
Prepared by CA Manoj D. Chandak
9. 9
194C - TDS on Contractors
Contract Includes Work Contracts
Where,
Work includes:
• Advertising
• Broadcasting and telecasting including production of
programmes for broadcasting and telecasting
• Carriage of goods and passengers by any mode other than
railways
• Catering
• Manufacturing or supplying a product according to the
requirement or specification of a customer, by using material
purchased from the customer (Job Work)
Prepared by CA Manoj D. Chandak
10. 10
194C - TDS on Contractors
• Rates: If recipient is an Individual or HUF, 1%. In all other
cases, 2%
• If recipient is a transport contractor and he furnishes his PAN to
the payer, TDS rate is NIL other wise TDS is to be deducted @
20%, but Should File TDS Return. In Amount Column write
“Total Amount Paid” and in TDS Deducted Column write “TDS
Deducted Amount”(If Deducted) or Write “0.00” (if not
deducted, but please Select ‘T’ as Reason for Non-Deduction)
• Tax is not required to be deducted if any single sum credited or
paid does not exceed Rs. 30000/- or aggregate of such sums
does not exceed Rs. 75000/- in a year
Prepared by CA Manoj D. Chandak
11. 11
194C - TDS on Contractors
Reimbursement of expenses:
• The term A “u refers to the Gross Amount paid
under the contract. Hence, reimbursement of expenses
would also attract TDS. If separate bill is given for
reimbursement of expenses then no TDS is applicable.
• Since section 194C refers to any sum paid, TDS will be
attracted on the service tax portion also.
Prepared by CA Manoj D. Chandak
12. 12
Advertising contracts:
A person makes payment to an advertisement agency.
The agency makes payments to its artists and the media.
• Payment to agency – 1% u/s 194C
• Payment to artists – 10% u/s 194J
• Payment to Doordarshan is not liable to TDS as it is a
government agency.
194C - TDS on Contractors
Prepared by CA Manoj D. Chandak
13. 13
194H- Commission or Brokerage
• At the time of credit or payment whichever is
earlier when aggregate sums credited / paid
during the financial year exceeds Rs.5000/-.
• At the rate of 10%
Prepared by CA Manoj D. Chandak
14. 194 I - Rent
14
• At the time of credit or payment whichever is
earlier when the aggregate sums credited/paid
during the financial year exceeds Rs. 1,80,000/-
• Rate 10% for Land or Building
• Rate 2% for others
• As per circular no. 4/2008 dated 28th April 2008,
TDS is not required to be deducted on service
tax charged on Rent.
Prepared by CA Manoj D. Chandak
15. 15
194 J - Fees for Professional or
Technical Services/ Royalty
• At the time of credit or payment whichever is earlier
when the aggregate sums credited/paid exceeds Rs.
30,000/-.
• At the rate of 10% as TDS
• As per circular no. 1/2014 dated 13th Jan 2014, TDS is
not required to be deducted on service tax charged on
Professional and Technical fees if .
Prepared by CA Manoj D. Chandak
16. Section 194 LA- Compensation for
acquisition of immovable property
Prepared by CA Manoj D. Chandak 16
Any person responsible for paying to a resident any sum,
being in the nature of compensation or the enhanced
compensation or the consideration or the enhanced
consideration on account of compulsory acquisition, under
any law for the time being in force, of any immovable
property (other than agricultural land), shall, at the time of
payment of such sum in cash or by issue of a cheque or draft
or by any other mode, whichever is earlier, deduct an amount
equal to ten per cent of such sum as income-tax thereon:
17. Prepared by CA Manoj D. Chandak 17
Provided that no deduction shall be made under this
section where the amount of such payment or, as the case may be, the
aggregate amount of such payments to a resident during the financial
year does not exceed Two hundred thousand rupees.
-If Aggregate amount of consideration exceeds Rs. 2,00,000/-
-TDS Rate 10%
Agricultural La d Means agricultural land in India including land situated in
any area referred to in items (a) and (b) of sub-clause (iii) of clause (14)
of section 2;
Section 2(14) (iii) : Agricultural land in India, not being land situate—
(a) in any area which is comprised within the jurisdiction of a municipality
(whether known as a municipality, municipal corporation, notified area
committee, town area committee, town committee, or by any other name) or
a cantonment board and which has a population of not less than ten thousand
or
18. Prepared by CA Manoj D. Chandak 18
(b) in any area within the distance, measured aerially,—
(I) not being more than two kilometres, from the local limits of any
municipality or cantonment board referred to in item (a) and which has
a population of more than ten thousand but not exceeding one lakh;
or
(II) not being more than six kilometres, from the local limits of any
municipality or cantonment board referred to in item (a) and which has
a population of more than one lakh but not exceeding ten lakh; or
(III) not being more than eight kilometres, from the local limits of any
municipality or cantonment board referred to in item (a) and which has
a population of more than ten lakh.
19. 194IA - TDS on Sale of Property
Prepared by CA Manoj D. Chandak 19
• As per Finance Bill of 2013, TDS is applicable on sale of
immoveable property wherein the sale consideration of the
property exceeds or is equal to 50,00,000 (Rupees Fifty
Lakhs).
• Sec 194 IA of the Income Tax Act, 1961 states that
for all transactions with effect from June 1, 2013, Tax @ 1%
should be deducted by the purchaser of the property at the
time of making payment of sale consideration.
20. Prepared by CA Manoj D. Chandak 20
• TD“ a ou t as per For 26QB should e e tered i the field
Basic Tax I o e Ta o the Ba k s e -portal.
•TDS certificate (Form 16B) will be based on Basic Tax (I co e
Tax) only.
• Taxpayer/ Buyer are advised to save the Acknowledgement
Number for downloading the Form 16B from TRACES website.
•TDS certificate (Form 16B) will be available for download from
the TRACES website after at least 2 days of deposit of tax amount
at the respective Bank.
•Click on View Acknowledgment Number under TDS on Property
by providing the relevant details for retrieving the
Acknowledgment Number.
21. 21
Deduction & Payment of TDS
Cases where tax is not deductible or deductible at lower
case
Apply in Form No.13 for no deduction/collection of tax or
deduction/ collection of tax at a lower rate.
Form No. 15G to be made by an individual or a person (not
being a company or a firm) claiming certain receipts without
deduction of tax.
Prepared by CA Manoj D. Chandak
22. 22
Deduction & Payment of TDS
Cases where tax is not deductible or deductible at
lower case
Form No. 15H to be made by an individual who
is of the age of sixty years or more claiming
certain receipts without deduction of tax.
Prepared by CA Manoj D. Chandak
23. Deduction & Payment of TDS
23
• In relation to Salary payments, TDS has to be done on
payment basis. In case of Other Payments, TDS has to be
done at the time of credit to the account of the payee or actual
payment, whichever is earlier.
• Where PAN of the deductee is not quoted or wrongly quoted,
TDS has to be made at 20% or applicable rate, whichever is
higher.
• TDS is to be paid on the date of deduction when Government
Officer pays through Book entry.
• TDS has to be paid by 7th of the following month (by 30th
April in case the amount is credited or paid in the month of
March).
Prepared by CA Manoj D. Chandak
24. Due Date for e-Return and
Form Number
24
• Quarterly e-TDS returns have to be filed as per due dates.
• For the quarter ended March, Returns can be filed upto
May 15th ,of the succeeding F.Y. For all other quarters,
returns have to be filed within 15 days from end of the
quarter.
• For Government deductor additional 15 days are given
from such due dates.
• In case of Salary - FORM 24Q,
• In case of Other Payments - FORM 26Q
• In case of TCS, FORM 27EQ has to be filed.
Prepared by CA Manoj D. Chandak
25. Issue of TDS Certificate
• For salary-Form No.16 to be issued annually on or before
May 31 of the financial year.
• For non salary-Form No.16A to be issued quarterly.
• Deductor issuing TDS certificates in form no. 16 or 16A
by downloading from the TIN-NSDL website, shall
authenticate these by either using digital signature or
manual signature.
25
Prepared by CA Manoj D. Chandak
26. CA Certificate
• CA certificates to be obtained by TDS Deductors in Form
26A for relief from consequences of Non / Short
deduction of TDS from payments to Residents / Non
Resident [first proviso to sec201(1)/ first proviso to sec
206(6A) inserted by Finance Act 2012 w.e.f.1-7-2012]
Prepared by CA Manoj D. Chandak 26
27. CA Certificate
• New Provision Exempts payers from consequences of
non/short deduction of TDS from payments to residents
if there is No loss to ‘e e ue due to Non/Short
deduction.
• No relief from Interest u/s 201(1A). Interest u/s 201(1A)
to be paid from date on which TDS deductible till date of
furnishing of Return.
Prepared by CA Manoj D. Chandak 27
28. No loss to Revenue ??
• Payee has included such payment in return of income
filed by him u/s 139.
• Payee has paid tax due on income declared in such
return.
• Payer furnishes a certificate from CA confirming above.
Prepared by CA Manoj D. Chandak 28
29. One Time Exemption to
Government Deductors
• CBDT has provided One Time Exemption to Government
Deductors via Circular No. 07/2014, Dated: March 04,
2014 by Extending the Due Date of filling return to
31/03/2014 for the following Quarter
* FY 2012-13 – 2nd to 4th Quarter
* FY 2013-14 – 1st to 3rd Quarter
However, any fee under section 234E of the Act already
paid shall not be refunded.
Prepared by CA Manoj D. Chandak 29
30. Form 24G
• Every Account Officer (AO) shall furnish consolidated
Form 24G every month having details of all type of
deduction / collection viz. within 10 days from the end
of month in respect tax deducted by deductor and
reported to him for month.
– TDS-Salary
– TDS-Non Salary
– TDS-Non Salary Non Residents
– TCS.
30
Prepared by CA Manoj D. Chandak
31. Book Identification Number
(BIN)
• The Accounts Office (AO) can register their AINs online.
After successful registration, AO can login with user ID and
password.
• On login, AO can View/Download Book Identification
Number (BIN) Details.
• BIN is necessary for filing TDS Statement by DDO.
31
Prepared by CA Manoj D. Chandak
32. What is BIN?
BIN consists of the following:
• Receipt Number: Seven digit unique number generated for
each Form 24G statement successfully accepted at the TIN
central system.
• DDO Serial Number: Five digit unique number generated for
each DDO record with valid TAN present in the Form 24G
statement successfully accepted at the TIN central system.
• Date: The last date of the month and year for which TDS/TCS
is reported in Form 24G. Date will be in DD/MM/YYYY format.
• AO has to communicate the BIN details to the respective
DDO.
32
Prepared by CA Manoj D. Chandak
33. Tax Collected at Source
33
• TCS is collected by the seller of specified goods from the
buyer.
• TCS to be collected at the time of receipt of payment
from the buyer or debiting the account of the buyer,
whichever is earlier.
• TCS to be deposited within 1 week from the end of the
week in which the tax is collected.
• The time limit is same even for TCS made on 31st March.
Prepared by CA Manoj D. Chandak
34. 34
Specified Goods and
Rate of TCS
• Alcoholic liquor for human consumption – 1%
• Tendu Leaves – 5%
• Timber or any other forest produce – 2.5%
• Manufacturing Scrap which is not usable as such – 1%
• Parking Lot, Toll Plaza – 2%
• Minerals, being coal or lignite or iron ore – 1%
Prepared by CA Manoj D. Chandak
35. 35
Meaning of Buyer under TCS
• Buyer does not include
– Central Government
– State Government
– Public sector company
– Embassy, High Commission etc.
• TCS is not applicable if the buyer purchases goods for his
personal consumption.
Prepared by CA Manoj D. Chandak
36. Capital Gain Chargeability
Any profits or Gains arising from the transfer of a Capital
Asset during the previous year is Chargeable to Tax under
this head of income.
Conditions
• There Should be a Capital Asset
• Capital Assets should be transferred during the previous
year.
• Profit/Gains should have arisen.
• Such Profit/Gains should be liable for tax
36
Prepared by CA Manoj D. Chandak
37. CAPITAL GAINS EXEMPT FROM TAX
• Section 54
• Section 54 B
• Transfer of a Long Term
Residential House Property and
Purchasing /Constructing a New
Residential House Property.
• Transfer of Agricultural Land and
acquires a new land for
agricultural purpose.
37
Prepared by CA Manoj D. Chandak
38. • Section 54 EC
• Section 54 F
• Transfer of Long Term Capital Asset
and investing in specified Long Term
Bonds.
(National Highway Authority of India
Bonds or Rural Electrification
Corporation Ltd. Bonds.)
• Transfer of a Long Term Capital Asset
other than a House Property and
investing in Residential House
Property.
38
Prepared by CA Manoj D. Chandak
39. 39
Malani Somani Chandak & Associates
2, Dream Presidency,
1202/17E, Apte Road,
Shivajinagar,
Pune- 411 004.
E-mail- mscassociates@gmail.com
Phone-020/25538240 /1
Fax- 020/25538242
Prepared by CA Manoj D. Chandak