Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : Important TDS rate changes from October 1, 2024, affecting insurance, rent, commissions, mutual funds, and e-commerce. Learn about...
Income Tax : Explore Section 194-Os impact on e-commerce tax compliance. Learn about TDS obligations, rates, and procedures for seamless financ...
Income Tax : Explore Section 194-O of the Income Tax Act, focusing on Tax Deducted at Source (TDS) requirements for e-commerce operators. Under...
Income Tax : Explore resolutions for CBDT Circular No. 20/2023 issues: TDS responsibilities, fees inclusion, treatment of taxes, purchase-retur...
Income Tax : Understand Section 194-O amendment reducing TDS rate from 1% to 0.1% for e-commerce payments, effective October 2024. Impact on e-...
Income Tax : Mjunction Services Ltd. Vs Union of India (Calcutta High Court) HC directs CBDT to dispose the representation made U/S 194O: A sin...
Income Tax : Stay updated with Circular No. 20/2023 on Income Tax Section 194-O. Learn guidelines for e-commerce operators, TDS on gross sales,...
Income Tax : Guidelines under sub-section (4) of section 194-0, sub-section (3) of section 194Q and subsection (1-I) of section 206C of the I...
Income Tax : Finance Act, 2020 amended provisions relating to TCS with effect from 1st October, 2020 to provide that seller of goods shall coll...
Income Tax : Finance Act, 2020 inserted a new section 194-0 in the Income-tax Act 1961 which mandates that with effect from 1st day of October,...
Guidelines under sub-section (4) of section 194-0, sub-section (3) of section 194Q and subsection (1-I) of section 206C of the Income-tax Act, 1961
Mjunction Services Ltd. Vs Union of India (Calcutta High Court) HC directs CBDT to dispose the representation made U/S 194O: A single judge bench of the Calcutta High court on hearing the writ petition filed by the Mjunction Services Ltd.directed the Central Board of Direct Taxes (CBDT) to consider and dispose the representation regarding section […]
TDS on purchase of goods under Section 194Q (Circular No. 13 of 2021) Article covers Section 194Q- TDS on Purchase of Goods. ( Clarifying Guideline ), Section 206C(1H) – TCS on sale of Goods, Section 206AB/206CCA – Higher TDS/TCS Rate For Non Filer of Income Tax Return and Section 194O – TDS on Payments Made […]
Circular No.13 dated 30th June 2021 issued by Central Board of Direct Taxes gave the Guidelines under Section 194Q of Income Tax Act, 1961. The CBDT Circular also covers the linkage between Sections 194Q, 194-O and 206C(1H). 194-O is tax deduction at source by ecommerce operator, the rate is 1.0% and it has come into […]
1) Who is responsible to deduct TDS under section 194O of Income Tax Act, 1961? Any person, being E-commerce operator facilitating sale of goods or provision of services of an E-commerce Participant through its digital or electronic Facility or platform (by whatever name called). 2) Is there any definition for E-commerce, E-commerce Operator and E-commerce Participant? […]
Q. 1 The newly enacted section 194O of Income tax Act, 1961 TDS on which entities and what goods and services ? Every E-commerce operator (like Amazon, Facebook, Flipkart, Snapdeal etc.) is required to make TDS on payments due to ‘e-commerce participants’ i.e., suppliers ( who are resident in India) on sale of goods or […]
Section 194O of Income-tax Act, 1961 – TDS on payment by one e-commerce operator to another e-commerce operator In order to widen and deepen the tax net by bringing participants of e-commerce within tax net, vide the Finance Act No. 12 of 2020, the Government of India has inserted a new section 194-O in the […]
TDS on Payment of certain sums by e-commerce operator to e-commerce participant {Section 194-O of Income Tax Act, 1961} Section 194-O of Income Tax Act, 1961 is introduced w.e.f. 01-10-2020. According to that, where sale of goods or provision of services of an e-commerce participant is facilitated by an e-commerce operator through its digital or […]
Finance Act, 2020 amended provisions relating to TCS with effect from 1st October, 2020 to provide that seller of goods shall collect tax @ 0.1 per cent (0.075% up to 31.03.2021) if the receipt of sale consideration from a buyer exceeds Rs. 50 lakh in the financial year.
Finance Act, 2020 inserted a new section 194-0 in the Income-tax Act 1961 which mandates that with effect from 1st day of October, 2020, an e-commerce operator shall deduct income-tax at the rate of one per cent (subject to the provisions of proposed section 197B of the Act) of the gross amount of sale of goods or provision of service or both,
