Revised TDS rates from October 1: New tax deducted at source rates on these transactions will be applicable from October 1, 2024
Union Budget 2024 included several significant proposals, which have been ratified in the Finance Bill. Some of these changes will come into effect from October 1. These changes included revised TDS rates applicable from October 1, 2024.
What is TDS
According to the Income Tax website, “The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor.”
Credit and debit card rules, income tax rules, post office schemes rules effective from October 1, 2024
TDS rates from October 1
The Tax Deducted at Source (TDS) rates proposed in the Union Budget 2024 have been approved in the Finance Bill:
The TDS rate for payments under sections 19DA, 194H, 194-IB, and 194M was reduced from 5% to 2%.
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