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Here are 7 important Key TDS Triggers for Small Taxpayers every Individual & HUF should know.<\/strong><\/p>\n 1. [Section-194IA] Buying a House; Value More Than Rs. 50L?<\/strong><\/p>\n 2. [Section-195] Buying a House from NRI<\/strong><\/p>\n 3. [Section-194IB] Paying monthly rent of more than 50,000; No Tax Audit requirement on Individuals\/HUF<\/strong><\/p>\n 4. [Section-194I] Paying monthly rent of more than 50,000; Tax Audit requirement on Individuals\/HUF<\/strong><\/p>\n 5. [Section-195] Paying rent to NRI<\/strong><\/p>\n 6. [Section 194M] Paying for Contractual Services; Yearly Value more than Rs. 50L; No Tax Audit requirement on Individuals\/HUF<\/strong><\/p>\n 7. [Section-194C] Paying for Contractual Services; Yearly Value > 1L; Transaction Value > 30K; Tax Audit requirement on Individuals\/HUF<\/strong><\/p>\n Consequences of Non-Deduction\/ Non-Payment of TDS\/ TCS<\/b><\/p>\n Period of Delay will be calculated for month or part of the month.<\/p>\n Let\u2019s understand this with the help of an example.<\/p>\n M\/S ABC Limited made a payment of Rs. 45000 as professional Fees to Mr. X. Payment was made on 6th April without deduction of TDS. Later, TDS of Rs. was deducted on 3rd May and paid to the government on 10th August.<\/p>\n Non-Deduction or Collection\/ Non-payment of TDS\/TCS before due date of filing ITR leads to disallowance of expense. [30% of any sum payable to a resident and 100% of any sum payable to Non \u2013 resident or outside India]<\/p>\n<\/div>\n Join StudyCafe Membership. For More details about Membership Click Join Membership Button<\/p>\n Join Membership<\/a><\/p>\n In case of any Doubt regarding Membership you can mail us at [email\u00a0protected]<\/span><\/a><\/p>\n<\/div>\n Join Studycafe’s WhatsApp Group or Telegram Channel for Latest Updates on Government Job, Sarkari Naukri, Private Jobs, Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!”<\/p>\n<\/div>\n\n
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\n Default<\/td>\n Description<\/td>\n Formula for Late Fees\/Interest<\/td>\n<\/tr>\n \n Late Deduction<\/td>\n TDS Not Deducted or TCS Not Collected<\/td>\n Interest = (TDS\/ TCS on Amount Paid\/ Credited X Period of Delay X 1.5%)<\/td>\n<\/tr>\n \n Late Fees<\/td>\n Failure to file TDS\/ TCS Return on\/ Before Due date<\/td>\n Late Filing Fee = INR 200 per Day (Fees cannot Exceed TDS\/ TCS Amount)<\/td>\n<\/tr>\n \n Late Payment<\/td>\n TDS Deducted\/ TCS Collected but not deposited<\/td>\n Interest = (TDS\/ TCS Not Deposited X Period of Delay X 1.5%)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \n