Income Tax : Understand the interplay between Section 194Q and Section 206C(1H) of the IT Act, detailing TDS and TCS obligations on high-value ...
Income Tax : Understand TDS on Purchase of Goods (Section 194Q) and TCS on Sale of Goods (Section 206C(1H)). Learn their applicability, rates, ...
Income Tax : Understand whether TCS u/s 206C(1H) or TDS u/s 194Q of the Income Tax Act applies to sales/purchases above 50 lakhs in India with ...
Income Tax : Demystify Section 194Q for TDS on goods purchase in India. Learn about deductor, rates, exemptions, time of deduction, and implica...
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. Ea...
Income Tax : Read the detailed analysis of Kanjula Rajagopal Reddy Firm vs. ITO case by ITAT Vishakhapatnam regarding TCS credit eligibility un...
Income Tax : According to the learned counsel for the petitioner, the Income Tax Department has clarified the newly introduced provision of Sec...
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 : Central Government hereby specifies that no TDS shall be deducted under section 194Q in case of transfer of goods by Air India Lim...
Income Tax : CBDT releases Guidelines under section 194Q of Income-tax Act, 1961 vide Circular No. 13 of 2021 | Dated: 30th June, 2021. Section...
Understanding Section 194Q: TDS on purchase of goods. Learn about the applicability, rates, and time of deduction.
Comparative Analytical Summary of Section 206C(1H) & 194Q of Income Tax Act 1961: i Section & purpose 206C(1H) for Tax Collection at Source 194Q for Tax Deduction at Source ii Introduced by Finance Act & applicable to Finance Act 2020 & applicable to Seller Finance Act, 2021 & applicable to Buyer iii With effect from 1st […]
DISCUSSION ON SECTION 194Q AT A GLANCE ♦ Introduction The Finance Act, 2021, has widened the scope of the TDS Chapter in the Income Tax Act, 1961 by introducing a new section namely 194Q dealing with ⇓ TDS on Purchase of Goods w.e.f. 1st July 2021. This new TDS provision is just a replica of section […]
Section 194Q: Deduction of tax at source on payment of certain sum for purchase of goods Explanations and FAQ’s 1. From which date the provisions of Sec 1 94Q Applicable? The provision of Sec 194Q notified in Finance Act, 2021 and applicable from 01st July 2021. 2. In which cases and who are liable to […]
Understand the declaration format for Section 194Q, 206AB & 206CCA. Learn how to comply with the new TDS regulations and ease the burden of compliance.
1. What is Section 194Q and 206C(1H)? – Section 194Q is for Tax deducted at source (TDS) applicable from 01.07.2021 and – Section 206C(1H) is for Tax Collected at source(TCS) applicable from 01.10.2020. 2. When is a person liable to deduct TDS u/s 194Q and TCS u/s 206C(1H)? -TDS is to be deducted under section […]
As many taxpayer are still facing difficulties in complying with provisions of section 206C(1H), insertion of new section 194Q has created lots of confusion among Professionals and Trade as to which section to be complied with.
Arjuna (Fictional Character): Krishna, Finance Act 2021 introduced a new section 194Q for TDS on Purchase of goods which will be effective from 01.07.2021. Krishna (Fictional Character): Arjuna, in the previous year a new provision of TCS was introduced on the sale of goods from 01/10/2020 and now a provision of TDS on purchase of goods […]
TDS on purchase of Goods under section 194Q from 01.07.2021 introduced by Finance Act 2021 Provision relating to deduction of TDS :- Any person, being a buyer who is responsible for paying any sum to any resident seller for the purchase of any goods of the value or aggregate of such value exceeding fifty lakh […]
The Finance Bill 2021 has introduced following new sections in relation to Tax Deducted at source (TDS) and Tax Collected at source (TCS): i) Section 194Q- TDS on purchase of goods ii) Section 206AB: Higher rate of TDS for non filers of Income tax return iii) Section 206CCA: Higher rate of TCS for non filers of Income tax return iv) Section 194P: TDS in case of specified senior citizen
