WebMar 4, 2024 · The recipient would deduct Rs 6,000 as TDS while making the payment to the supplier. Accordingly, the amount of TDS would not include 18% GST. TDS of 2%, … WebMar 30, 2024 · TDS on EPF Withdrawal: TDS rate has been reduced to 20% from 30% on taxable withdrawal of EPF. Payment Based Deduction: Payments to MSMEs must be made within the time frame agreed upon in writing, with a maximum limit of 45 days. If there is no written agreement, the time frame is 15 days.
What is Tax Deducted at Source (TDS) - ClearTax
WebAug 5, 2024 · Here are the major things that you need to consider while calculating TDS. TDS deductible should be calculated on the total amount payable to the deductee. ... TDS would not be deducted from GST component i.e., ₹18,000. The entry would be as follows: Expense A/c Dr: 1,00,000/-CGST ITC A/c Dr: 9,000/-SGST ITC A/c Dr: 9,000/-To Agency A/c: … Web1 hour ago · GSTR-9: This return is an annual return that is required to be filed by all taxpayers registered under GST. GSTR-10: This return is used to report the details of a … nba team coaches
Tax Deducted at Source (TDS) under Goods and Service …
WebMar 8, 2024 · The TDS amount must be deducted on the amount that exceeds the threshold limit. For example, Contoso buys goods from Fabrikam in the amount of Rs. 85 lakh and is … WebApr 11, 2024 · TDS to be ducted from Rs 1.00 onwards or after reaching the value of more than Rs 50.00 Lakhs. 11 April 2024 The limit is for each year. You need to deduct TDS only after crossing the exempted limit of Rs. 50 lakhs for each FY. You need to be the querist or approved CAclub expert to take part in this query . WebJan 14, 2024 · TDS deduction under Pre GST Scenario: Earlier it was clarified by the Central Board of Direct Taxes (CBDT) that TDS under Chapter XVIl-B of the Income Tax Act, 1961 … marlo thomas cheese tray