IT department clarifies applicability of TDS liability for ONDC retailers
By MYBRANDBOOK
The income tax department has clarified the applicability of TDS liability of e-retailers trading through the government's ONDC initiative. As per the Central Board of Direct Taxes, a 1% TDS will have to be deducted from the gross sale amount after including convenience/ packaging/shipping fees as charged by ecommerce trading platforms for the order placed on ONDC. Every ecommerce operator is required to deduct TDS at the rate of 1% of the sales amount.
Given that ONDC, the Open Network for Digital Commerce, is a recent initiative by the Department for Promotion of Industry and Internal Trade (DPIIT), the CBDT has received representations seeking clarification on the entity responsible for Tax Deducted at Source (TDS) compliance under income tax laws.
The CBDT has clarified that in a scenario where multiple e-commerce operators (ECOs) are involved in a single transaction through the ECO platform, the responsibility for TDS compliance lies with the supplier, who ultimately disburses the payment to the supplier.
Established on December 31, 2021, ONDC operates as a Section 8 company. It represents an initiative by the DPIIT to establish a facilitative model aiding small retailers in leveraging digital commerce. Unlike an application, platform, intermediary, or software, ONDC is a set of specifications designed to promote open, unbundled, and interoperable open networks.
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Icons Of India : Arundhati Bhattacharya
Arundhati Bhattacharya serves as the Chairperson and CEO of Salesforce...
Icons Of India : Puneet Chandok
Puneet Chandok is President, Microsoft India & South Asia and is respo...
Icons Of India : AMIT CHADHA
Amit Chadha serves as the CEO and Managing Director of L&T Technology ...
TCIL - Telecommunications Consultants India Limited
TCIL is a government-owned engineering and consultancy company...
DRDO - Defence Research and Development Organisation
DRDO responsible for the development of technology for use by the mili...
LIC - Life Insurance Corporation of India
LIC is the largest state-owned life insurance company in India...
Indian Tech Talent Excelling The Tech World - Satya Nadella, Chairman & CEO- Microsoft
Satya Nadella, the Chairman and CEO of Microsoft, recently emphasized ...
Indian Tech Talent Excelling The Tech World - JAY CHAUDHRY, CEO – Zscaler
Jay Chaudhry, an Indian-American technology entrepreneur, is the CEO a...
Indian Tech Talent Excelling The Tech World - REVATHI ADVAITHI, CEO- Flex
Revathi Advaithi, the CEO of Flex, is a dynamic leader driving growth ...