Income Tax - Firstly, vide Finance Act, 2020, sub-section (1H) was inserted into section 206C of the Income Tax Act. As per section 206C(1H), the seller of the goods receiving the consideration of value exceeding INR 50 Lakhs was required to collect TCS @ 0.1%. The provisions are effective from 1st October 2020. Later on the similar lines, […]...
Read MoreIncome Tax - Chapter XVIIB of the Act relates to deduction of tax at source. The provisions of this chapter provide for TDS on various payments at rates contained therein. It is proposed to provide for TDS by person responsible for paying any sum to any resident for purchase of goods. The rate of TDS is kept very […]...
Read MoreIncome Tax - Applicability of provisions of Section 194Q of the I.T. Act,1961-For transactions in agricultural produce of farmers traded through Commission Agents of recognized Agricultural Produce Market Committee (APMC)-Request to issue guidelines in order to remove genuine hardship and practical difficulties faced by the Commission Agents and Trade...
Read MoreIncome Tax - The Finance Act 2020 inserted Sub Section (1H) in Section 206C to provide for tax collection by a seller from the amount received as consideration for the sale of goods if it exceeds Rs. 50.00 Lacs in any previous year. On the Similar lines the Finance Act 2021 inserted a new section 194Q to provide […]...
Read MoreIncome Tax - TDS and TCS are the government’s most important sources of revenue. It’s also critical for businesses to pay their taxes on time to avoid penalties and remain compliant. With effect from 01/07/2021, Finance Act of 2021 inserted section 194Q to provide a deduction of tax on certain purchases. Section 194Q of the Income tax Act ...
Read MorePetroleum Traders Welfare and Legal Service Society Vs Union of India (Kerala High Court) - According to the learned counsel for the petitioner, the Income Tax Department has clarified the newly introduced provision of Section 194Q of the Act by their communication at Ext.P7 which unequivocally states that buyers are supposed to deduct tax at source within the sale consideration payable to...
Read MoreCircular No. 20/2021-Income Tax - (25/11/2021) - 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...
Read MoreNotification No. 107/2021-Income Tax [S.O. 3680(E)] - (10/09/2021) - Central Government hereby specifies that no TDS shall be deducted under section 194Q in case of transfer of goods by Air India Limited to Air India Assets Holding Limited under a plan approved by the Central Government. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Ne...
Read MoreCircular No. 13 of 2021-Income Tax - (30/06/2021) - CBDT releases Guidelines under section 194Q of Income-tax Act, 1961 vide Circular No. 13 of 2021 | Dated: 30th June, 2021. Section 194Q takes effect from 1st day of July, 2021. F. No. 370142/26/2021-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) ***...
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Circular No. 20/2021-Income Tax - 25/11/2021