Section Nature of Payment Threshold Limit TDS Rate 192 Salaries Applicable Slab Rates Applicable Slab Rates 192A Premature withdrawal from EPF ₹50,000 10% 193 Interest on securities ₹10,000 10% 194 Dividends ₹10,000 10% 194A Interest other than interest on securities Senior Citizens: ₹1,00,000Others: ₹50,000 10% 194B Winnings from lotteries, crossword puzzles ₹10,000 per transaction 30% … Read more
TDS (Tax Deducted at Source) Changes: TCS (Tax Collected at Source) Changes: These amendments aim to simplify tax compliance and reduce the burden on taxpayers. Summary: Section New Threshold & Rate (Effective April 1, 2025) Old Threshold & Rate (Before April 1, 2025) 194A (Interest Income) ₹1,00,000 (Senior Citizens) / ₹50,000 (Others) | 10% ₹50,000 … Read more
Today is the deadline for the last advance tax installment for FY24-25. Taxpayers are required to adhere to the following schedule based on their estimated annual tax liability: Timely payment of advance tax is crucial to avoid additional interest and penalties. Adhering to these schedules and ensuring full compliance not only helps in managing financial … Read more
Changes in TDS Rates: TDS on Property Transactions:Previously, for property purchases over ₹50 lakhs, TDS could be shared among multiple buyers. This exemption will be discontinued. All buyers, regardless of the number, must deduct TDS if the property value exceeds ₹50 lakhs. Future Amendments (Effective April 1, 2025):Section 194D: TDS on insurance commission for agents reduced from 5% to … Read more