Tax deduction on e-commerce sales reduced from 1% to 0.1% from Oct 1, 2024. Parity with offline transactions.

Tax deduction on e-commerce sales reduced from 1% to 0.1% from Oct 1, 2024. Parity with offline transactions. https://www.taxtmi.com/highlights?id=79962 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. en-us Tue, 30 Jul 2024 21:47:11 +0530 Tue, 30 Jul 2024 21:47:11 +0530 TaxTMI RSS Generator Tax deduction on e-commerce sales reduced from 1% to 0.1% from Oct 1, 2024. Parity with offline transactions. https://www.taxtmi.com/highlights?id=79962 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. Highlights Bill Tue, 30 Jul 2024 21:47:11 +0530 https://www.taxtmi.com/highlights?id=79962