These Rules Related To Tax Will Change From Today

These rules related to tax will change from today, it is very important for all taxpayers to know. If you come from a salaried class or do business, then any change in the tax rules will affect your life.

You should keep an eye on any changes in the rules related to direct tax and indirect tax. There will be some similar changes in the rules related to direct tax and indirect tax from October 1 i.e. Thursday.

These changes can prove to have a significant impact on your spending patterns, transactions and fund flows. Let us know what kind of changes are coming in the tax-related rules from Thursday:

Five percent import duty on television component

From October 1, the government is going to impose an import duty of five percent on a major television-related component. The government gave this relief for one year.

The government aims to discourage low-cost imports and encourage local production by increasing import duties.

TCS of five percent will be charged for sending money abroad

Except for a few cases, the government will take TCS (Tax Collected Aid Source) of five percent on sending money outside India.

This tax will be payable on any amount sent abroad to purchase foreign tour packages. However, TCS will be payable at the rate of 0.5 percent for transferring money by taking loans for higher education.

TDS on e-commerce

E-commerce platforms will now have to deduct TDS at the rate of one per cent on payments made to vendors.

The move aims to bring small sellers selling goods on the e-commerce platform under the tax net. E-commerce companies will have to deduct tax at the source at the time of payment.

E-invoicing of GST will be mandatory for big businessmen

From October 1, e-Invoicing has been made mandatory for businesses with a turnover of more than Rs 500 crore. Traders have to upload the sales slip on the portal decided by GSTN.