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Questions and Answers
What is the reduced TDS rate on withdrawal of EPF in non-PAN cases for FY 2023-24?
According to Budget 2023, what is the proposed penalty rate for failure to furnish details relating to the balance due for TDS compliance?
What is the threshold limit for payments subject to TDS as per the text provided?
What major change related to TDS compliance was proposed for co-operative societies in Budget 2023?
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Which TDS-related threshold limit was eliminated by the Budget 2023 amendments?
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In which cases was the TDS rate reduced from 30% to 20% according to Budget 2023 changes?
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Which nature of payment was specifically mentioned in the text as not having an exemption from TDS according to Budget 2023?
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Study Notes
TDS Updates for FY 2023-24
- The reduced TDS rate on withdrawal of EPF in non-PAN cases is 20% for FY 2023-24.
- A proposed penalty rate of 1% per month is introduced for failure to furnish details relating to the balance due for TDS compliance.
- The threshold limit for payments subject to TDS is ₹30,000.
- Co-operative societies will be required to comply with TDS provisions from FY 2023-24 onwards.
- The threshold limit of ₹15,000 for TDS on payments to transporters was eliminated by the Budget 2023 amendments.
- The TDS rate was reduced from 30% to 20% for non-resident Indians and non-resident businesses in certain cases.
- Payments for hotel bills exceeding ₹20,000 in a single day are not exempt from TDS according to Budget 2023.
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Description
Test your knowledge on the TDS rates for the Financial Year 2023-2024 and the amendments proposed in Budget 2023, including the higher threshold limit for cooperative societies. Explore different sections of the Income Tax Law related to TDS compliance.
