CBDT issued notification No. 18/2021-Income Tax, Dated: March 16, 2021 & inserted a New Rule Rule 29BA. The Rule would be effective from 1 April 2021.
Finance Bill 2021 proposes to introduce a new section, 194Q.Ā Section 194Q of the Income-tax Act, 1961 (āActā) would be effective from 1 July 2021.Ā Section 194Q provides for Deduction of tax at source (āTDSā) on payment of for purchase of goods.