WebJun 13, 2024 · Tax shall be deducted at Higher of the Followings: (i) at twice the rate specified in the relevant provision of the Act; Or (ii) at the rate of five per cent. If Section 206CC Is applicable to the Specified person, than tax shall be deducted at higher of 1. Tax rate as per this Section ; Or 2. Tax rate as per Section 206CC WebApr 13, 2024 · 30% for residents, 40% for non-. residents, 25% for individuals & HUF. 30% for residents, 40% for non-. residents, 25% for individuals & HUF. 194LC. Income by way of interest by an Indian specified company to a non- resident/foreign company on foreign currency approved loan/long-term. infrastructure bond ‘from outside India.
TDS Returns: Eligibility, Filing Process, Due Dates & Revised TDS …
WebApr 12, 2024 · April marks the beginning of a new financial year, which is when usually new income tax laws come into effect. For the financial year 2024-24, the government has revised the income tax slabs under the new tax regime to make it more attractive in comparison to old tax regime.Further, many other benefits have also been brought under … WebJul 4, 2024 · The Finance Act. 2024 has brought in two new changes in rules related to TDS and TCS. These rules will be applicable to residents as well as NRIs (Non-Resident Indians). From the 1st July 2024, a higher tax would be deducted if an individual has not filed Income Tax Returns (ITR) in the last two previous years. northload street glastonbury
Know These TDS Deduction Rules on NRI Income in India
WebMay 14, 2024 · Under Section 203A of the Income Tax Act, 1961, it is mandatory to quote Tax Deduction Account Number (TAN) allotted by the Income Tax Department (ITD) on all TDS returns. The procedure for the application of TAN is very simple and can be done online by filling up Form 49B. Please refer to NSDL Site in order to Apply For TAN. WebDec 7, 2024 · The Government of India has amended Section 194A of the Income Tax Act, 1961, and as a result, the total interest income payable in a Financial Year for all SCSS account holders under the age of 60 has been revised from Rs. 10,000 to Rs. 40,000 for the purpose of TDS deduction. WebJun 21, 2024 · Read here for new debit card rules from July 1, 2024. The Union Budget had brought in the provision of TDS on such income to check tax revenue leakage by inserting a new section, 194R, in the ... northload street car park glastonbury