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: Section 194-O of the Income Tax Act provides for deduction of tax at source (TDS) at the rate of 1% on the gross amount of sales or services facilitated by an e-commerce operator through its digital or electronic platform for an e-commerce participant. To bring parity with the TDS/TCS rates applicable on offline transactions, it is proposed to reduce the TDS rate u/s 194-O from 1% to 0.1%. The amendment will take effect from October 1, 2024.
Income Tax: Section 194-O of the Income Tax Act provides for deduction of tax at source (TDS) at the rate of 1% on the gross amount of sales or services facilitated by an e-commerce operator through its digital or electronic platform for an e-commerce participant. To bring parity with the TDS/TCS rates applicable on offline transactions, it is proposed to reduce the TDS rate u/s 194-O from 1% to 0.1%. The amendment will take effect from October 1, 2024.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 21
Join Channel
TaxTMI 
