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Income Tax efiling in India for FY 2023-24 (AY 2024-25)

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Source Taxes (TCS) - Payments, Exemptions and Rates

The Indian Income Tax Act contains the provision for tax collection at the source. In these provisions, certain individuals are required to collect a certain percentage of tax from their customers for special services. Most of these activities are commercial or business in nature. It does not affect the average person. In this article we will include:

Assets covered under TCS provisions and applicable standards

If the goods listed below are used for production, processing, or manufacturing purposes, taxes are not payable. If the same goods are used for commercial purposes then taxes are payable. Taxes are collected by the seller at the point of sale. The TCS standard differs from the goods specified under different categories:

Frequently asked questions

In the case of a government office, where the tax is paid on a Central Government debt other than the challan production associated with the banking tax, below are the changes in the rules, Form 24G must be submitted:

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