prpri TDS Calculator for 194Q, 206(C)(1H) and 206AB TDS Calculator for 194Q, 206(C)(1H) and 206AB

Brief Introduction of Section 194Q:

After section 194P of the Income-tax Act, the following section shall be inserted with effect from the 1st day of July, 2021, namely:—

‘194Q. Deduction of tax at source on payment of certain sum for purchase of goods.

(1) Any person, being a buyer who is responsible for paying any sum to any resident (hereafter in this section referred to as the seller) for purchase of any goods of the value or aggregate of such value exceeding 50 lakh rupees in any previous year, shall, at the time of credit of such sum to the account of the seller or at the time of payment thereof by any mode, whichever is earlier, deduct an amount equal to 0.1 per cent of such sum exceeding fifty lakh rupees as income-tax.

(2) Where any sum referred to in sub-section (1) is credited to any account, whether called “suspense account” or by any other name, in the books of account of the person liable to pay such income, such credit of income shall be deemed to be the credit of such income to the account of the payee and the provisions of this section shall apply accordingly.

(3) The provisions of this section shall not apply to a transaction on which—

(a) tax is deductible under any of the provisions of this Act; and

(b) tax is collectible under the provisions of section 206C other than a transaction to which sub-section (1H) of section 206C applies.’

Automatic Calculator:

For checking Applicability of Section 194Q and Interplay between section 194Q or Section 206C(1H) and the TDS/TCS calculation, we have build an automatic utility for ease of Professionals or small tax payers.

Suggestion/Improvement Area:

Suggestion are welcome so that better utilities can be build in Future

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Author Bio

Qualification: CA in Practice
Company: Singla Vishal & Co.
Location: East Delhi, Delhi, India
Member Since: 19 Jun 2021 | Total Posts: 2
Vishal is a qualified chartered accountant with over 4+ years of experience in the field of internal financial controls and data analytics. He is also an ACL certified data analyst having hands on experience in business analytics of large organizations. He has delivered several engagements in the View Full Profile

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  1. NILESH H GAJJAR says:

    Hello Good Afternoon

    I go through your Automatic Calculator regarding 194Q, 206C(1)(H) & 206AB

    In Sheet 206AB TDS/TCS Liability is protected cell kindly share new sheet without locked cell so all TDS Sections can be workout. Saying drop down filter is Protected cannot take particular TDS Section

    Hope you will re-share the same

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August 2021