Skip to main content

CBDT notifies challan-cum-statement Form 26QE for payment of tax deducted on VDAs

 Warning No. 67/2022, dated 21-06-2022





The Focal Leading body of Direct Charges (CBDT) has advised Personal duty (19th Amendment) Rules, 2022 revising the Annual assessment Rules, 1962 to integrate changes presented by the Money Act, 2022 connected with TDS.


The Board has revised existing Standards 30, 31 and 31A, annexure to Shape No. 26Q, and Structure Nos. 26QB, 26QC and 26QD. The board has additionally embedded new Structure nos. 26QE and 16E also.


The key changes presented by the CBDT vide Annual duty (nineteenth Amendment) Rules, 2022 have been explained underneath:


1. Charge deducted on VDA to be kept in challan-cum-articulation in Structure 26QE

Another sub-rule (2D) has been embedded in Rule 30 which accommodates installment of expense deducted at source (TDS) under area 194S.


Segment 194S gives that any individual, liable for paying to an inhabitant any total via thought for the exchange of a virtual computerized resource (VDA), will deduct charge at the pace of 1% of such aggregate.


Sub-rule (2D) gives that duty deducted under segment 194S will be paid to credit of the Focal Government in somewhere around 30 days from the month's end in which the derivation is made. Such installment will be made by a challan-cum-explanation in Structure 26QE electronically.

2. Separate announcing of assessment installments made as per Stipulations to Areas 194B, 194R and 194S


Stipulation to segment 194B gives that assuming rewards in Lottery or Crossword Riddles are mostly in real money and halfway in kind and the money part isn't adequate to settle the material expenses, the individual answerable for paying such winning will deliver the triumphant solely after installment of pertinent charges to the credit of Focal Government.


Comparative arrangements are consolidated in the arrangements of segment 194R(1) and segment 194S(1).

The Board has revised the Annexure to Shape 26Q which looks for deductee /payee wise separation of TDS. In the event that wherein the stipulation of Segment 194B, 194R and 194S are relevant, the annexure looks for the accompanying extra subtleties from the deductor


3. Endorsement of assessment deducted at source on VDA to be given in Structure 16E

Another sub-rule (3D) has been embedded in Rule 31 which accommodates outfitting of authentication of derivation of duty at source under area 194S.


An individual liable for derivation of duty under segment 194S will outfit the declaration of allowance of expense at source in Structure 16E to the payee in the span of 15 days from the due date for outfitting the challan-cum-explanation in Structure 26QE.


Measure of duty saved;

BSR Code of bank;

Date of installment; and

Challan chronic number.

Comments

Popular posts from this blog

TDS/TCS New Rules Applicable to Non-filers of Income Tax Returns

 The Finance Act 2021 has acquainted another arrangement relating to keeping charge (Section 206AB) which accommodates a higher portion charge rate on the off chance that the merchant to whom the installment is to be made has not documented his government form for the past two monetary years. This new arrangement is pertinent from 1 July 2021 and will apply to any receipt on or after 1 July 2021. A comparable Section 206CCA is additionally embedded for TCS. The essence of the new arrangement is as under Keeping charge on specific installments to determine people to be higher of the accompanying: Twice the rate determined; or Twice the rates in power; or Five percent A predefined individual is somebody (barring non-occupants who don't have a Permanent Establishment in India) who has not recorded an annual government form for the two going before years and the total of keeping the charge for his situation is INR at least 50,000 in every year. Certain Payments have been

GST REGISTRATION SERVICES IN CHENNAI

 As per GST governance, any business operations whose periodic development exceeds Rs 40 lakhs must register as a separate taxable provision. This procedure is called GST enrollment. It takes around 2-6 working days to get the GST enrollment. As per GST governance, if you're doing any business without GST enrollment, it's considered an offense. What's GST Registration? GST Registration was introduced in India in July 2017. As per the act, it's a mixture of indirect taxes like VAT & Service tax for the same. It's needed when your development or deals cross relatively 40 lakh rupees during a time (10 lakh for NE * Hill States) as per the newest correction from 1st April 2019. For some specific businesses, it's obligatory enrollment without crossing the turnover limit. Forex, if you are running an e-commerce business also you've got to need the GST Registration from the starting of business. We at Elixir Business Solution help you Apply GST Registration On

Benefits of Hiring a Chartered Accountant

 Why Hire a Chartered Accountant for Your Business?  A Chartered Accountant  is someone who specializes in accounting and helps you make the best decisions related to your business.  The company believes that good CPAs do a variety of things to help managers and owners with legal and financial advice, strict bookkeeping, and finding  effective ways to cut costs. Without a Chartered Accountant, no business can thrive.  Helping Control Costs:  Controlling costs and maintaining profitability is essential for any business. Without cash flow tracking, the costs far outweigh the benefits. CPAs can help business owners save money. A public accountant must ensure that a company is not shaken by a financial crisis.  Supporting the right investment:  A CPA not only works to make business solutions affordable, but also provides advice on the right investments that will benefit your company in the long run. Chartered Accountants give you the best way to help your business grow and become a profita