Tuesday, October 3, 2023

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.


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.


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.


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

🔥🔥 Join Our Group For All Information And Update, Also Follow me For the Latest Information🔥🔥
🔥 YouTube                  Click Here
🔥 Facebook Page                  Click Here
🔥 Instagram                  Click Here
🔥 Telegram Channel                   Click Here


Please enter your comment!
Please enter your name here

Most Popular


Income Tax extended the date for filing ITR! these people will benefit

The Income Tax Department is releasing some significant news. The government has now extended the deadline for many people to submit their ITR. The...

Date to file ITR has been extended for these people! this is the last date

The government has now greatly aided the businesses. The company's ITR filing deadline has been extended by one month. You still have until November...

Income tax department sending notices to these ITR filers

If you submitted an ITR this year as well, you will be astonished by this information. Approximately 22,000 taxpayers, including members of the salaried...

Major update on ITR filers! CBDT said this regarding your work

This update applies to you if you this time also submitted an ITR (Income Tax Return). The Central Board of Direct Taxes (CBDT) reported...

The salaries of central employees will rise in September by 27,000!

Soon, central employees will learn some wonderful news. The government will shortly enhance the employees' salaries. In September, the government may announce an increase...

Most Popular


* indicates required