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 … WebJan 23, 2024 · Basis of difference: TDS: TCS: Definition: TDS is tax deducted at source by any company or individual making a payment if the payment exceeds the thresholds mentioned under respective sections. TCS is a tax collected by the seller, at the time of sale. Liability to deduct: It’s the liability of the buyer of goods and services to deduct TDS
New Updates in Tally Prime & Difference between Tally ERP 9
WebFeb 2, 2024 · In summary, TDS is deducted by the deductor, and the seller collects TCS. What is the difference between TDS and TCS in GST? TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) are provisions under the Goods and Services Tax (GST) regime in India for collecting taxes from the buyer at the source of the transaction. WebApr 13, 2024 · GST Tax deduction at Source. GST Tax Deduction at Source (TDS) is a mechanism under which the tax is deducted at the source of the income or payment made to the supplier.The concept of TDS under GST was introduced to ensure better compliance with GST laws and to ensure that the tax is collected in a timely and efficient manner. smithfield nsw australia
Learn the Difference Between TDS and TCS E-Startup India
WebApr 12, 2024 · The full form of TDS is Tax Deducted at Source. As per Section 194Q of the Income Tax Act, all businesses and individuals must deduct tax at source if the amount … WebNov 21, 2024 · Here is the detailed article on TDS & TCS under the GST law – a complete guide to understand the latest provisions & implementation of the same. ... Difference … WebMar 23, 2024 · TDS stands for tax deducted at source. It is the amount deducted by any employer or payor before releasing salary/payment. TDS rates are determined by factors such as income, age, and so on. The main goal of implementing this in the taxation system is to have control over tax evaders. TDS applies to rent, salary, professional fees, interest ... smithies 4x4