Friday, July 26, 2024

Major TDS changes! government is developing a new tax strategy

In order to pay a person’s income, the government is tying together tax collected at source (TCS) and tax deducted at source (TDS). This information was provided by a top officer. TCS is typically a tax that a vendor adds to the price they charge for goods or services. TDS is a tax levied by the government at the same time.

government

20 percent will be used

The purpose of tying TCS and TDS together is to ensure that individual taxpayers’ cash flow is unaffected. This government initiative has gained attention at a time when the system of 20 percent TCS will be put into place on July 1 on spending more than a specific cap abroad.

government

Economic Advisor provided details

According to CEO Ananth Nageswaran, the government has decided to exempt transactions up to Rs 7 lakh from TCS, which will benefit small taxpayers. This indicates that the majority of transactions will not be covered by 20% TCS. The government is attempting to link your TDS with TCS in such a way that if you have paid TCS, it will appear as less TDS, according to Nageshwaran, who has defended this strategy. Your cash flow shouldn’t be impacted as a result of this entire operation.

government

A new mechanism will provide comfort.

He said at the new system will provide relief to taxpayers who are worried by the discrepancy between TCS and TDS in an Industry Board CII program on Thursday.

Read More: SBI users pay attention! new banking rules will take effect on June 30

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