WebSep 29, 2024 · Finance Act, 2024 inserted a new section 194-0 in the Income-tax Act 1961 (hereinafter referred to as “the Act-) which mandates that with effect from 1st day of October, 2024, an e-commerce operator shall deduct income-tax at the rate of one per cent (subject to the provisions of proposed section 197B of the Act) of the gross amount of … WebMar 28, 2024 · What is Section 194O? As per Section 194O. TDS is to be deducted by e …
Section 194O: TDS on E-commerce Operator (including
Section 194O has been introduced in the Union Budget 2024. According to Section 194O, an e-Commerce operator is required to deduct TDS for facilitating any sale of goods or providing services through an e-Commerce participant. TDS on e-commerce operators under section 194-O is applicable from 1 … See more E-Commerce Operator An e-Commerce operator is a person who owns, operates, or manages a digital/electronic facility for the sale of goods and services. … See more E-Commerce operators should deduct TDS @1% at the time of credit of the amount of sale of goods, services, or both to the account of an e-commerce participant … See more The purpose of the introduction of Section 194O is to widen the TDS base by bringing e-Commerce participants under the tax. Of late, customers prefer digital … See more WebNov 27, 2024 · TDS u/s 194-O. As we are aware the Finance Act 2024 has inserted a new section 194-O under the Income Tax Act, 1961 which requires that an e-commerce operator shall deduct TDS @ 1% of the gross amount of sale of goods/ services or both facilitated through its digital or electronic platform. This provision took effect from 1st October 2024. golf at 65
A guide to TDS on E Commerce under Section 194O of Income …
WebApr 3, 2024 · Therefore, as per the new tax regime for the financial year 2024-24, Junglee Games India Private Limited has to deduct 30% TDS on all net winnings, as explained below. Under Section 194 BA. The TDS rate is 30%. This is the same as the previous rate. TDS is to be deducted from net winnings. Previously, it was applicable to gross winnings over ... WebApr 20, 2024 · Section 194-O has been inserted with effect from October 1, 2024. … WebSummary. Particular. Rate of TDS. Remarks. Resident Shareholders. 10% (presently … head teacher at kings interhigh