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of <h1>Finance Bill 2024 proposes reducing e-commerce TDS rate u/s 194-O from 1% to 0.1% for parity.</h1> Section 194-O of the Finance Bill 2024 mandates that e-commerce operators deduct income tax at a rate of 1% on the gross amount of sales or services facilitated through their platforms. However, concerns were raised about the disparity between this rate and the lower 0.1% TDS or TCS rates for offline transactions under sections 194Q and 206C(1H). To address this, a reduction of the TDS rate under section 194-O from 1% to 0.1% is proposed, effective from October 1, 2024, to ensure parity between online and offline transaction taxation.
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