Define TDS-Tax Rates for FY:2023-2024 in Business Central
- last year
Agenda of the Video: To define TDS Setups including its Tax Types (as TDS) & Rates (in %tage) etc. in D365BC
-----------------------------------------------------------------------------------------------------------------------
The concept of TDS was introduced with an aim to collect tax from the 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.
-----
➡️"TDS Rates" for Deduction of Tax at Source: -
Taxes shall be deducted at the Rates specified in the Relevant Provisions of the Act or the First Schedule to the Finance Act.
However, in case of payment to non-resident persons, the withholding tax (tds) rates specified under the Double Taxation Avoidance Agreements shall also be considered.
These are as follows:
(i) TDS Rates
(ii) Withholding Tax Rates
(iii) Tax Rates DTAA vs. Income-Tax Act
============================================================
#TDS_Tax_Rates #RentOnMachinery #D365bc
============================================================
Note: TDS = Tax Deducted at Source.
TDS is a Direct Tax covered under the Income Tax Act.
-----------------------------------------------------------------------------------------------------------------------
Hint: Read the related Short-Blog Post...
▶️https://navisionfunctionalexpert.com/...
------------------------------------------------------------------------------------------------------------------------
This platform has been designed to provide easy solution via Freelancing on those issues which are related with Dynamics ERPs. It also includes Vlogging, Discussion on Concept based Scenarios, Online/On-Remote Short Solution for Pre & Post implementation of ERP Software. We are providing Support Services & Suggestion after Post-Implementation (on pre-payment basis).
-----------------------------------------------------------------------------------------------------------------------
The concept of TDS was introduced with an aim to collect tax from the 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.
-----
➡️"TDS Rates" for Deduction of Tax at Source: -
Taxes shall be deducted at the Rates specified in the Relevant Provisions of the Act or the First Schedule to the Finance Act.
However, in case of payment to non-resident persons, the withholding tax (tds) rates specified under the Double Taxation Avoidance Agreements shall also be considered.
These are as follows:
(i) TDS Rates
(ii) Withholding Tax Rates
(iii) Tax Rates DTAA vs. Income-Tax Act
============================================================
#TDS_Tax_Rates #RentOnMachinery #D365bc
============================================================
Note: TDS = Tax Deducted at Source.
TDS is a Direct Tax covered under the Income Tax Act.
-----------------------------------------------------------------------------------------------------------------------
Hint: Read the related Short-Blog Post...
▶️https://navisionfunctionalexpert.com/...
------------------------------------------------------------------------------------------------------------------------
This platform has been designed to provide easy solution via Freelancing on those issues which are related with Dynamics ERPs. It also includes Vlogging, Discussion on Concept based Scenarios, Online/On-Remote Short Solution for Pre & Post implementation of ERP Software. We are providing Support Services & Suggestion after Post-Implementation (on pre-payment basis).