Category: Practical Accounts | Read Time: 3 Mins

Small oversight in basic compliance can lead to heavy interest penalties. Here are two "Back to Basics" rules that every business owner and landlord must remember for FY 2024-25.

1. TDS on Rent:

The Limit: You do not need to deduct TDS u/s 194-I if the rent paid is up to Rs. 50,000 per month for property, furniture, or machinery.

The Penalty: If you are liable to deduct TDS but fail to do so, you will be charged interest at 1% per month. If you deduct it but fail to pay it to the government, the interest jumps to 1.5% per month.

2. E-Invoicing Mandate:

Applicability: E-invoicing is mandatory for taxpayers with an aggregate turnover exceeding Rs. 5 Crores in any financial year.

Scope: This applies strictly to B2B supplies and exports. Any invoice issued without a valid IRN (Invoice Reference Number) is considered invalid under GST law.

Secure Your Financial Processes Are you unsure if your turnover limit triggers these rules? Do not guess with the law.

Get Expert Help: 

Consult Kopparam and Associates. We help you structure your accounts to be 100% compliant. Visit us to experience services delivered by the best experienced hands in the field.