Web9 Nov 2024 · under RBI LRS as gift for birthday, anniversary. Diwali etc. Under 26AS section 206cq total Rs, 524304/-. Please advise whether have to pay tax as this amount is paid from Banks account and no income is generated. What I understand have to pay @ 5% on totat amount remitted plus total amount of income earned for the financial year 31 St March … Web27 Jun 2024 · Under section 206C(1H), sellers must deduct TCS every time that they receive payment against a sale consideration, or every time that they receive an advance payment. However, aa difficulty arises in the calculation when the amount of the payment that is received crosses the threshold that is set up in the system for transaction values. In this ...

Income Tax on Sale and Purchase of Motor Vehicle in India

Web15 Jul 2024 · However, the IT Act provides that no tax would be required to be collected under the said provisions if tax has been deducted under the IT Act. Thus, if both section 194Q and 206C(1H) are applicable, then section 194Q will supersede and no tax would be required to be collected under section 206C(1H), even if all the conditions therein are ... Web6 Oct 2024 · Sub-section (1H) was inserted in Section 206C by Finance Act, 2024 for collection of TCS by the seller on sale of any goods. Through these additional goods were brought under the ambit of TCS by inserting sub-section (1H) in Section 206C Sub-section (1H) of section 206C. These changes have become effective from 1st October 2024. tinted paper a3 size

What is meant by TDS Interest on Late Payment? - Corpbiz

WebThe tax deducted by the payer (i.e., a non-Government payer) is to be paid to the credit of the Government as follows: Tax deducted during the month of April to February should be paid to the credit of the Government on or before 7 days from the end of the month in which the deduction is made. Web12 Jul 2024 · Section 206C (1F) Every person, being seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding ten lakh rupees, shall collect tax from buyer at the rate of 1% of sale consideration. Tax shall be collected at the time of … Web29 Apr 2024 · (b) tax is collectible under the provisions of section 206C other than a transaction to which sub-section (1H) of section 206C applies. This means, if on a transaction a TDS or tax collection at source (TCS) is required to be carried out under any other provision, then it would not be subjected to TDS under this section. passport-type color photograph