Section 194Q

TDS Rate Chart for FY 2022-23 / AY 2023-24 – Updated

Income Tax - Income Tax TDS Rate Chart for for Financial Year (FY) 2022-23 / Assessment Year (AY) 2023-24 The term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wherein a person responsible to pay a sum of specified nature shall deduct an amount towards TDS and pay it to the credit of Central Government. […]...

Read More

TCS on sale or TDS on purchase conundrum

Income Tax - Regarding applicability of provisions of section 194Q and 206C(1H) of Income Tax Act, 1961 w.e.f 01.04.2022. 206C(1H): Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods being exported [&...

Read More

TDS on purchase of Goods- Section 194Q

Income Tax - It would be the first moment in the history of income tax that TDS is levied on the procurement of products. Section 194Q of the Act would engage numerous transactions encompassing the acquisition of products under this umbrella. In the Finance Act of 2021, the government added Section 194Q to the Income Tax Act of […]...

Read More

Recent guidelines under Section 194O(4); Section 194Q(3) and Section 206C(1H)

Income Tax - Recently, vide circular no. 20 of 2021 dated 25th November 2021, the Central Board of Direct Taxes has come up with various important clarifications on number of issues relating to provisions of section 194O(4); section 194Q(3) and section 206C(1H). The same is analyzed and explained in the current article. Briefs of all the three relevan...

Read More

Deciphering the scope of ‘goods’ – A labyrinthine task!

Income Tax - The scope and ambit of ‘goods’ has always been a contentious issue from a taxation perspective. Tax policies in India have witnessed an evolution of diverse taxes levied on the acts of production, manufacture, sale, lease and transfer of ‘goods’. Thus, situations where one has had to contend with the question of whether an article...

Read More
Sorry No Post Found

HC admit Pleas against Oil Companies Circular mandating to pay without deduction of Section 194Q TDS

Petroleum 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 More

Guideline on TDS/TCS under Section 194O, section 194Q & Section 206C

Circular 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 More

No Section 194Q TDS on transfer of goods by Air India to holding company

Notification 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 More

Guidelines under section 194Q of Income-tax Act, 1961

Circular 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) ***...

Read More

Recent Posts in "Section 194Q"

TDS Rate Chart for FY 2022-23 / AY 2023-24 – Updated

Income Tax TDS Rate Chart for for Financial Year (FY) 2022-23 / Assessment Year (AY) 2023-24 The term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wherein a person responsible to pay a sum of specified nature shall deduct an amount towards TDS and pay it to the credit of Central Government. […]...

Read More
Posted Under: Income Tax | ,

TCS on sale or TDS on purchase conundrum

Regarding applicability of provisions of section 194Q and 206C(1H) of Income Tax Act, 1961 w.e.f 01.04.2022. 206C(1H): Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods being exported [&...

Read More
Posted Under: Income Tax |

TDS on purchase of Goods- Section 194Q

It would be the first moment in the history of income tax that TDS is levied on the procurement of products. Section 194Q of the Act would engage numerous transactions encompassing the acquisition of products under this umbrella. In the Finance Act of 2021, the government added Section 194Q to the Income Tax Act of […]...

Read More
Posted Under: Income Tax |

Recent guidelines under Section 194O(4); Section 194Q(3) and Section 206C(1H)

Recently, vide circular no. 20 of 2021 dated 25th November 2021, the Central Board of Direct Taxes has come up with various important clarifications on number of issues relating to provisions of section 194O(4); section 194Q(3) and section 206C(1H). The same is analyzed and explained in the current article. Briefs of all the three relevan...

Read More
Posted Under: Income Tax |

Guideline on TDS/TCS under Section 194O, section 194Q & Section 206C

Circular 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 More

Deciphering the scope of ‘goods’ – A labyrinthine task!

The scope and ambit of ‘goods’ has always been a contentious issue from a taxation perspective. Tax policies in India have witnessed an evolution of diverse taxes levied on the acts of production, manufacture, sale, lease and transfer of ‘goods’. Thus, situations where one has had to contend with the question of whether an article...

Read More
Posted Under: Income Tax |

TDS/TCS Capital Gain Tax exemption on Transfer of capital assets/goods from Air India

Transfer of capital assets from Air India Limited to Air India Assets Holding Limited The CBDT has issued certain notifications to provide for Transaction which should be regarded as transfer with respect to transfer of capital assets from Air India Limited to Air India Assets Holding Limited and to notify exemption from TDS and TCS [&hel...

Read More
Posted Under: Income Tax |

No Section 194Q TDS on transfer of goods by Air India to holding company

Notification 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) New Delhi Notification No. 107/2021-Income...

Read More

Interplay between Section 194Q and 206C(1H)

Finance Act, 2020 had introduced provisions relating to TCS on sale of goods u/s 206(1H). Finance Act, 2021 introduced provisions relating to TDS on purchase of goods u/s 194Q to cover those transactions which were left uncovered by section 206C(1H). These amendments have increased the compliance burden for the taxpayer as it impacts the ...

Read More
Posted Under: Income Tax |

TDS and TCS on Purchase of Goods Under Income Tax

With the effect of 1. 07.2021 Finance Act, 2021 had inserted section 194Q in Income Tax Act, 1961 to provide a deduction of tax on certain purchases. Section 194Q of the Income-tax Act states that any person who buys goods of an amount exceeding 50 lakhs rupees from a resident seller in any previous year […]...

Read More
Posted Under: Income Tax |

Browse All Categories

CA, CS, CMA (6,069)
Company Law (8,348)
Corporate Law (10,098)
Custom Duty (9,262)
DGFT (4,802)
Excise Duty (4,746)
Fema / RBI (5,194)
Finance (5,597)
Income Tax (41,536)
SEBI (4,482)
Service Tax (3,981)

Search Posts by Date

July 2022
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031