Income Tax - Updated TDS Rate Chart for FY 2023-24 (AY 2024-25). Find the latest rates for tax deduction at source for various transactions. Easy-to-understand guide....
Income Tax - Explore the provisions of TDS U/S 194Q and its applicability to Kachha Arahitias in selling crops on behalf of farmers. Understand the objections raised by CPC and the relevant circulars issued by CBDT. ...
Income Tax - The Article gives a summary of important TCS provisions and gives comparison of TDS on Purchase with TCS on Sale. Article explains Section 194Q (TDS ON Purchase of goods), Section 206C(1H): TCS on Sale of Goods, Section 206C (1F) : TCS on Motor Vehicles and Section 206C (1G) : TCS on foreign Tours. Section 194Q […]...
Income Tax - Finance Act, 2020 had inserted sub-section (1H) in section 206C of the Act relating to TCS on sale of goods whereas Finance Act, 2021 inserted a new section 194Q to the Income Tax Act relating to TDS on purchase of goods. Introduction of these standards have created a burden on the taxpayers as it impacts […]...
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, […]...
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...
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...
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...
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) ***...