WebMay 18, 2024 · Advance tax. Any person whose tax liability for the year is expected to be Rs 10,000 or more is required to pay their tax within the financial year in four instalments. Section 211 specifies the due dates and the proportion of the yearly tax liability that must be paid. Accordingly, by June, 15% of the total tax liability must be paid. WebMay 26, 2024 · As per the budget 2024, government has inserted new sections: TDS u/s 194Q on purchase of goods of the value or aggregate of such value exceeding 50 Lakh INR in any FY shall at the time of credit of such sum to the account of the seller or at the time of payment thereof by any mode, whichever is earlier, deduct an amount equal to 0.1 per …
View Tax Credit Mismatch User Manual Income Tax Department
WebTDS is to be deducted at the rate of 2 % on payments made to the supplier of taxable goods and/or services, where the total value of such supply, under an individual contract, exceeds Rs.2,50,000. No deduction of Tax is … WebMeaning. TDS denotes tax deducted at source by any individual or entity while making a payment if the payment exceeds the threshold amounts mentioned as per applicable provisions of the Income Tax Act. TCS denotes tax that has to be collected by the seller at the time of sale. christina vakoulini
TDS Credit - Tax Guru
WebFeb 12, 2024 · Step 3: File the TDS and TCS Credit Statement. The next step is to file its credit statement on the GST portal. To do so, follow the below steps: Go to the ‘Services’ section and select ‘Returns’. Click on the ‘TDS/TCS Credit Statement’ tab. Fill in the required details such as financial year, quarter, TDS/TCS certificate number ... WebStep-by-Step Guide. 3.1. View Tax Credit Mismatch. Step 1: Log in to the e-Filing portal using your user ID and password. Step 2: On your Dashboard, click Services > Tax Credit Mismatch. Step 3: On the Tax Credit Mismatch page, select the Assessment Year (for which you want to view the mismatch details) and click Submit . WebApr 7, 2024 · A penalty will not be imposed under Section 271H of the Income Tax Act if TDS/TCS returns are not filed by the due date if the following criteria are met: The TDS/TCS is paid to the government. One year after the due date, the TDS/TCS return is submitted. Any applicable interest and late filing costs have been paid to the government's credit. christina van atta utah