S K and Associates

TDS DEMAND #TDS #DEMAND #400

TDS DEMAND #TDS #DEMAND #400

Key Changes in TDS for FY 2024-25

<h2 style="background-color: white; border-collapse: collapse; border: 0px; box-sizing: border-box; color: #1d2939; font-family: Supreme-Medium; font-size: 24px; line-height: 32px; list-style: none; margin: 0px 0px 16px; outline: 0px; padding: 0px; text-align: center;">Key Changes in TDS for FY 2024-25</h2><p style="background-color: white; border-collapse: collapse; border: 0px; box-sizing: border-box; color: #060b14; font-family: Supreme-Medium; font-size: 16px; line-height: 24px; list-style: none; margin: 0px 0px 10px; outline: 0px; padding: 0px; text-align: justify;">One of the most significant relief measures is the increase in the <a href="https://www.5paisa.com/stock-market-guide/tax/what-is-tds" style="background-color: transparent; border-collapse: collapse; border: 0px; box-sizing: border-box; color: #007bff; display: inline-block; list-style: none; margin: 0px; outline: 0px; padding: 10px 0px 0px; text-decoration-line: none;">TDS</a> exemption limit for senior citizens on interest income from fixed deposits, which has been raised from ₹50,000 to ₹1,00,000. Other notable changes include:<ul style="background-color: white; border-collapse: collapse; border: 0px; box-sizing: border-box; color: #171313; font-family: Supreme-Medium; font-size: 16px; list-style: none; margin: 0px; outline: 0px; padding: 0px;"><li style="border-collapse: collapse; border: 0px; box-sizing: border-box; list-style: disc; margin: 0px; outline: 0px; padding: 0px; text-align: justify;">The annual TDS exemption limit on rent payments has increased from ₹2.40 lakh to ₹6 lakh.</li><li style="border-collapse: collapse; border: 0px; box-sizing: border-box; list-style: disc; margin: 0px; outline: 0px; padding: 0px; text-align: justify;"> </li><li style="border-collapse: collapse; border: 0px; box-sizing: border-box; list-style: disc; margin: 0px; outline: 0px; padding: 0px; text-align: justify;">A new TDS exemption threshold for interest on securities has been introduced at ₹10,000.</li><li style="border-collapse: collapse; border: 0px; box-sizing: border-box; list-style: disc; margin: 0px; outline: 0px; padding: 0px; text-align: justify;"> </li><li style="border-collapse: collapse; border: 0px; box-sizing: border-box; list-style: disc; margin: 0px; outline: 0px; padding: 0px; text-align: justify;">The TDS deduction limit for dividends paid to individual shareholders has been doubled from ₹5,000 to ₹10,000.</li><li style="border-collapse: collapse; border: 0px; box-sizing: border-box; list-style: disc; margin: 0px; outline: 0px; padding: 0px; text-align: justify;"> </li><li style="border-collapse: collapse; border: 0px; box-sizing: border-box; list-style: disc; margin: 0px; outline: 0px; padding: 0px; text-align: justify;">Commission and brokerage exemption limits have been raised from ₹15,000 to ₹20,000.</li><li style="border-collapse: collapse; border: 0px; box-sizing: border-box; list-style: disc; margin: 0px; outline: 0px; padding: 0px; text-align: justify;"> </li><li style="border-collapse: collapse; border: 0px; box-sizing: border-box; list-style: disc; margin: 0px; outline: 0px; padding: 0px; text-align: justify;">The threshold for professional or technical services has been increased from ₹30,000 to ₹50,000.</li><li style="border-collapse: collapse; border: 0px; box-sizing: border-box; list-style: disc; margin: 0px; outline: 0px; padding: 0px; text-align: justify;"> </li><li style="border-collapse: collapse; border: 0px; box-sizing: border-box; list-style: disc; margin: 0px; outline: 0px; padding: 0px; text-align: justify;">Overseas remittances under the Liberalized Remittance Scheme (LRS) and overseas tour packages now have a higher threshold for Tax Collected at Source (TCS), increasing from ₹7 lakh to ₹10 lakh.</li><li style="border-collapse: collapse; border: 0px; box-sizing: border-box; list-style: disc; margin: 0px; outline: 0px; padding: 0px; text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEiU_16DawTsYe4d90wlMOVd90WTOdVDpIfOauQMiJbk2vhjBUexDfLA1zDhP6MaNNdMr9UCfaIFeZG0VB5mUDu2n4VV5CjF0Meebveloji8yTu9X0AZwNGRYsDUAYNXBs7_HsQ7m0ryA4vBXtfWmhI94wgJ3BlOtEgF8eIRAgZIElgI6AjOEqhobPJOjGEE" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="300" data-original-width="500" height="192" src="https://blogger.googleusercontent.com/img/a/AVvXsEiU_16DawTsYe4d90wlMOVd90WTOdVDpIfOauQMiJbk2vhjBUexDfLA1zDhP6MaNNdMr9UCfaIFeZG0VB5mUDu2n4VV5CjF0Meebveloji8yTu9X0AZwNGRYsDUAYNXBs7_HsQ7m0ryA4vBXtfWmhI94wgJ3BlOtEgF8eIRAgZIElgI6AjOEqhobPJOjGEE" width="320" /></a></div> </li></ul>

Key Changes in TDS for FY 2024-25

Key Changes in TDS for FY 2024-25 One of the most significant relief measures is the increase in the TDS exemption limit for senior citi...

GSTR-9C LATE FEE WAIVER

GST LATE
FEE WAIVER- LAST OPPORTUNITY TO AVOID GST NOTICE DUE TO NON-FILING OF GSTR-9C.<o:p></o:p>

<o:p> </o:p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjA4qUw3MTMtslm1JLlBDOqnho-VHl0QvIhgsvN3qUqEMTJ0sPS8ADw5-OE4fYDkelPyyYx44zkLi84xm0BZUqtiJzTte8NlMcQ7IZCxydfXu8ne6nig4wf8R3G9oiejM__puIZiXa1n5xAkHBL-swEIxlBfsuh-xmKeTTumN9VzwFwk_HPRWu1-dlOBpqK" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="392" data-original-width="761" height="165" src="https://blogger.googleusercontent.com/img/a/AVvXsEjA4qUw3MTMtslm1JLlBDOqnho-VHl0QvIhgsvN3qUqEMTJ0sPS8ADw5-OE4fYDkelPyyYx44zkLi84xm0BZUqtiJzTte8NlMcQ7IZCxydfXu8ne6nig4wf8R3G9oiejM__puIZiXa1n5xAkHBL-swEIxlBfsuh-xmKeTTumN9VzwFwk_HPRWu1-dlOBpqK" width="320" /></a></div>

The Ministry of Finance has issued a notification
relevant for GST registered taxpayers who failed to file the annual
reconciliation statement through the GSTR-9C form. As per the circular eligible
GST taxpayers now have an opportunity to get a waiver of any pending late fees
for filing GSTR-9C for FY 2017-18, FY
2018-19, FY 2019-20, FY 2020-21, FY 2021-22 or FY 2022-23. However, there
is a catch which is you need to file any pending GSTR-9C on or before March 31, 2025. 
 
<o:p></o:p>

<o:p> </o:p>

GSTR-9C LATE FEE WAIVER

GST LATE FEE WAIVER- LAST OPPORTUNITY TO AVOID GST NOTICE DUE TO NON-FILING OF GSTR-9C. The Ministry of Finance has issued a notific...

TDS on Commission & Brokerage

Section 194H of the Income
Tax Act: TDS on Commission & Brokerage

Section
194H of the Income Tax Act mandates TDS deduction on payments made as
commission or brokerage. Under this section, the person responsible for paying
commission, other than an individual or Hindu Undivided Family (HUF), must
deduct tax at 5% when the amount exceeds ₹15,000 in a financial year.
As per the Union Budget 2024, the TDS rate under Section 194H will be reduced
from 5% to 2% effective from October 1, 2024.

TDS on Commission & Brokerage

Section 194H of the Income Tax Act: TDS on Commission & Brokerage Section 194H of the Income Tax Act mandates TDS deduction on...

Revised TDS rates from October 1: Here are the new tax deducted at source rates on various transactions

<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgZsAt_tFARnI_P6IPMtv4FqUzsWSSKJvK3JFIIvLEnMu42RlstGVibxkJPapPzREtlhgHVtW7vUWuZlzceb0BWx_NOsdsznZ6ulHtl8H9lGsisdQe1xQGS_YWHwXXKdic0QQe7mmi9MRghMqi7WBQUCirETwFesSoeXMIwEXKNGRgBtcexPEBkO36xflHw" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="720" data-original-width="1280" height="180" src="https://blogger.googleusercontent.com/img/a/AVvXsEgZsAt_tFARnI_P6IPMtv4FqUzsWSSKJvK3JFIIvLEnMu42RlstGVibxkJPapPzREtlhgHVtW7vUWuZlzceb0BWx_NOsdsznZ6ulHtl8H9lGsisdQe1xQGS_YWHwXXKdic0QQe7mmi9MRghMqi7WBQUCirETwFesSoeXMIwEXKNGRgBtcexPEBkO36xflHw" width="320" /></a></div>  The Union Budget 2024 included several significant proposals,
which have been ratified in the Finance Bill. Some of these changes have come
into effect from October 1. These changes included revised TDS rates applicable
from October 1, 2024. 
 
 
<o:p></o:p>

· 
Section 194G – Commission etc on sale of lottery tickets is reduced from
5% to 2%. This will be effective from October 1, 2024. .. 
 
<o:p></o:p>

· 
Section 194-O - Payment of certain sums by e-commerce operators to
e-commerce participants is reduced from 1% to 0.1%. This will be effective from
October 1, 2024.< .. 
 
<o:p></o:p>

Section 194F relating to payments on account of repurchase of
units by Mutual Fund or Unit Trust of India is proposed to be omitted. This
will be effective from October 1, 2024. 
 
<o:p></o:p>

Floating
rate of bonds TDS 
 <div style="text-align: justify;">In Budget 2024, it was announced that starting
from October 1, 2024, tax deducted at source (TDS) will be deducted at a 10%
rate from specified central and state government bonds, including floating rate
bonds.</div><div style="text-align: justify;"> </div>

<div style="text-align: justify;">There is a Rs 10,000 threshold limit, after
which the tax is deducted. This means that there is no TDS if the revenue
earned throughout the year is less than Rs 10,000.</div><div style="text-align: justify;"> </div>

<o:p></o:p>

Revised TDS rates from October 1: Here are the new tax deducted at source rates on various transactions

The Union Budget 2024 included several significant proposals, which have been ratified in the Finance Bill. Some of these changes have com...

Advisory for Form GST DRC-03A

<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjZBMDFWKHlqqY8iMCrpsHMyfe1idDtcw7403Aag4yNVjxGGghPRT8VaYEmpUZ_CsLDPc0n9kgOXikEt7dkH9bJbQzNFQa2H8DJZkAmnIWznRlI7sW6eE3BrJcx2Nigy0Vmm5epAfVW6SlRmFhLgvhX_c3XbrFkoj03wx5GKV48EQm8iwaiFo2vI0Lrw5ji" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="720" data-original-width="1280" height="180" src="https://blogger.googleusercontent.com/img/a/AVvXsEjZBMDFWKHlqqY8iMCrpsHMyfe1idDtcw7403Aag4yNVjxGGghPRT8VaYEmpUZ_CsLDPc0n9kgOXikEt7dkH9bJbQzNFQa2H8DJZkAmnIWznRlI7sW6eE3BrJcx2Nigy0Vmm5epAfVW6SlRmFhLgvhX_c3XbrFkoj03wx5GKV48EQm8iwaiFo2vI0Lrw5ji" width="320" /></a></div>  1. It has been observed that some taxpayers have paid the demanded amount vide DRC 07/DRC 08/MOV 09/MOV 11/APL 04 through DRC-03 instead of using payment facility ‘Payment towards demand’ available on GST portal. This led to a situation where demand has been paid by the taxpayer, however the demand is not closed in the electronic liability register. To address this issue, the government has notified a new form named GST DRC-03A which was notified vide Notification No. 12/2024 dated. 10th July 2024.<p style="background-color: white; box-sizing: border-box; color: #212121; font-family: verdana, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; margin: 0px 0px 10px; text-align: justify;">2. Accordingly, GSTN has developed the new Form GST DRC-03A on GST portal which is available now to adjust the paid amount through DRC-03 against the corresponding demand order. Therefore, it is advised to the taxpayers to use the DRC-03A form to link the payment made vide DRC-03 with the demand order. Only DRC-03 forms where the cause of payment is either ‘Voluntary’ or ‘Others’ can be used in the Form GST DRC-03A.<p style="background-color: white; box-sizing: border-box; color: #212121; font-family: verdana, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; margin: 0px 0px 10px; text-align: justify;">3. Taxpayers will be required to enter the ARN of the DRC-03 along with the relevant demand order number on the portal. Upon entering the ARN and selecting the demand order number of any outstanding demand, the system will auto-populate relevant information of the DRC-03 form as well as from the specified demand order against which the payment is to be adjusted.<p style="background-color: white; box-sizing: border-box; color: #212121; font-family: verdana, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; margin: 0px 0px 10px; text-align: justify;">4. Once the adjustment is made, corresponding entries will automatically be posted in the taxpayer’s liability ledger to reflect the updated status of demands.

Advisory for Form GST DRC-03A

1. It has been observed that some taxpayers have paid the demanded amount vide DRC 07/DRC 08/MOV 09/MOV 11/APL 04 through DRC-03 instead o...

GST cut on health insurance, life insurance

<img alt="GST ON HEALTH INSURANCE - Akka IAS Academy" class="sFlh5c FyHeAf" data-ilt="1729770137291" src="https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcT0Jb7Y8Ko-qzQ97HY7P1q3HZXlDU7KaBCVhA&s" style="max-width: 1200px;" />

<h2>GST rate reduction: How is it going to
impact your insurance?</h2>

The simple answer which policyholder wants to know is how
much are they likely to benefit if these proposals go through. Rakesh Jain,
CEO, of Reliance General Insurance explains: 
 
Let's assume you pay a premium of Rs 10,000 for your health insurance. At
present, you have to pay an 18% GST on your health insurance premium. So you
pay a GST of Rs 1,800 on each health insurance premium. So, the total health
insurance premium comes to Rs 11,800 (Rs 10,000 + Rs 1,800). Now, if GST is
removed from health insurance premiums, you don't have to pay the additional
GST amount with each premium. 
 
If the GST is reduced from 18% to 12%, you must pay a GST of Rs 1,200 on a
health insurance premium of Rs 10,000. Your total <a data-ga-onclick="Inarticle articleshow link click#Wealth#href" data-type="tilCustomLink" href="https://economictimes.indiatimes.com/wealth/insure/health-life-insurance-policyholders-rights-master-circular-issued-by-irdai-know-claim-settlement-time-limit-other-rules/articleshow/113096570.cms" target="_blank">health insurance premium</a>
will be Rs 10,000 + Rs 1,200 = Rs 11,200. So you will save Rs  600 (11,800 - Rs 11,200) on every premium. 
 
If the GST is reduced from 18% to 5%, you must pay a GST of Rs 500 on a health
insurance premium of Rs 10,000. Your total health insurance premium will be Rs
10,000 + Rs 500 = Rs 10,500. So you will be able to save Rs 1,300 (Rs 11,800 -
Rs 10,500) on every health insurance premium. 
 
If the GST is reduced to 0, you will save Rs 1,800 on every health insurance
premium.

GST cut on health insurance, life insurance

GST rate reduction: How is it going to impact your insurance? The simple answer which policyholder wants to know is how much are they ...

S K and Associates

TDS DEMAND #TDS #DEMAND #400

TDS DEMAND #TDS #DEMAND #400

Key Changes in TDS for FY 2024-25

GSTR-9C LATE FEE WAIVER

TDS on Commission & Brokerage

Revised TDS rates from October 1: Here are the new tax deducted at source rates on various transactions

Advisory for Form GST DRC-03A

GST cut on health insurance, life insurance

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