Budget: Exempt entities like non-profits face hurdles due to TCS on transactions. Govt can notify exemptions/lower TCS rates for them. Effective Oct '...
Budget: Amendments clarify penalties for inaccurate info/non-compliance with due diligence under AEoI. Rs. 50K fine for errors/failures. Defense allow...
Income Tax: Proposed amendment explicitly states that any sum referred to in sub-section (1) of section 194J does not constitute "work" for TDS u/s 194C, thereby excluding sums paid u/s 194J from section 194C. This clarifies that deductors should deduct tax u/s 194J instead of 194C for professional or technical services. The amendment takes effect from October 1, 2024.
Income Tax: Proposed amendment explicitly states that any sum referred to in sub-section (1) of section 194J does not constitute "work" for TDS u/s 194C, thereby excluding sums paid u/s 194J from section 194C. This clarifies that deductors should deduct tax u/s 194J instead of 194C for professional or technical services. The amendment takes effect from October 1, 2024.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 21
Join Channel
TaxTMI 
