1.TDS
A) PROVISIONS APPLY ON FOLLOWINGS PERSONS:-
Following people are responsible for deducting tax-:
(a) a department or establishment of the Central or State Government, or
(b) local authority, or
(c) governmental agencies, or
(d) such persons or category of persons as may be notified, by the Central or a State Government on the recommendations of the Council.
B) TDS RATES.
Tds is to be deducted @2% if the total value of supply under a contract exceeds Rs.2.5 lacs.
C) Time limit for payment of TDS.
TDS Deducted under the above provision shall be deposited by 10th of next month.
2.TCS
A) TCS provision apply to “E-Commerce operator” only.
B) TCS RATES.
E commerce operators are required to Deduct TCS @1% on net amount payable to seller/dealer selling goods online.
C) Time limit for payment of TCS.
TCS Deducted under the above provision shall be deposited by 10th of next month.
IMPORTANT;- TDS & TCS provisions are applicable w.e.f 01-10-2018. (Need help call@9717079781)
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