TDS/TCS
·
TCS
in foreign remittance under LRS exceeding Rs 7 lakh at the rate of 5%. Also on
overseas tour package -@ 5%.
·
TDS
on e-commerce payment to e commerce participant at the rate of 1% (194-O limit)
·
TDS
on FTS (few cases or other than professional) reduced under section 194J to 2%.
·
TCS
at the rate of 0.1% will be applicable on sale of goods if total sales to one
person is more than Rs 50 lakhs by a person having turnover of more than Rs 10
crore.
·
TDS
on Dividend is applicable (194 -@ 10%.
Limit 5000) including foreign shareholder (194LBA-10%, No PAN/
TRC-20%)
·
Section 194C provides
for deduction of tax from payment to a resident person for carrying out any
“work”. The definition of work has been proposed to be amended to provide that
if any product is supplied or manufactured according to requirements of the
customer, it shall fall under the category of ‘work’ even if raw material is
supplied by the associated enterprise of such customer.
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