WebFeb 3, 2024 · TDS Certificate. Deductor i.e. prize distributor shall issue a TDS Certificate to the deductee i.e. winner in Form 16A for TDS deducted on income from winning a lottery, … WebFeb 7, 2024 · TDS is applicable on various payments like contractor payments, salary, commission etc. Check out this blog for TDS rate chart for FY 2024-24 & AY 2024-25. ... 194O: Amount paid for the sale of products/services by e-commerce service providers via their digital platform: Rs. 5,00,000: 1%: 1%: 194Q:
Income Tax (TDS) and GST (TCS) Applicability on E-Commerce …
WebJul 6, 2024 · If both section 194O and section 194Q are applicable, then section 194O will prevail; Section 206C(1H) is not applicable if TDS is deductible u/s. 194O or Sec 194Q; If both sections 194O and 206C ... WebUnder Section 194O, e-commerce operators deduct TDS on participants' gross sale amounts. It ensures a TDS of 1% is deducted from the credit amount of a seller. The sale … please in multiple languages
Understanding the Section-194O-TDS on payments made to E-commerce
WebDec 8, 2024 · Therefore, the Budget 2024 brought new section 194O for the deduction of TDS on e-commerce sales. In the view of the said section, the e-commerce operator must … WebMar 21, 2024 · The Union Budget 2024 has introduced Section 194O to the Income Tax Act, 1961. As per the provisions of this section, e-commerce operators can deduct TDS (Tax Deducted at Source) for providing any service or conducting the sale of goods via e-commerce participants. It is in force from October 1, 2024. Keep reading to know how this … WebJun 28, 2024 · Elements of compliance CALCULATION OF AMOUNT WHEN TO DEDUCT DUE DATE OF PAYMENT DUE DATE OF RETURNS 0.1% of Amount excluding GST (Over and above 50 lacs) At the time of Credit or Payment whichever is earlier MONTHLY April-Feb = 7th of Next month March = 30th April QUARTERLY Jun, Sep, Dec = 31st of Next month … please in my backyard