Income Tax : Explains how Section 194Q requires buyers with large turnover to deduct TDS on purchases above ₹50 lakh. Key takeaway: The buyer...
Income Tax : Section 194Q mandates 0.1% TDS by buyers on goods purchases exceeding ₹50 lakh from resident sellers if turnover crosses ₹10 c...
Income Tax : Know the key provisions of Sections 194Q and 206C(1H) on TDS and TCS for sale or purchase of goods, including thresholds, rates, e...
Income Tax : This article examines applicability of Section 194Q of Income-tax Act, 1961 to purchase of electricity — a significant developme...
Income Tax : This article breaks down provisions, legal interpretations, and CBDT clarifications to determine the applicability of TDS on sale ...
Income Tax : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...
Income Tax : The tribunal held that TDS credit cannot be claimed by an agent when the underlying income belongs to farmers. It ruled that credi...
Income Tax : The issue was whether unsecured loans from directors routed through a partnership firm could be treated as unexplained cash credit...
Income Tax : Recognising the role of a Kaccha Arhtia, the Tribunal ruled that only commission constitutes income. TDS deducted on gross receipt...
Income Tax : The Tribunal held that full TDS credit must be granted since all income relating to the TDS deductions had already been taxed. Pro...
Corporate Law : The Gujarat High Court set aside an assessment order passed without considering the taxpayer’s reply regarding TDS under Section...
Income Tax : No tax deduction required on purchases from IFSC Units under Section 194Q of the Income-tax Act, 1961, with specific conditions fo...
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...
Section-194Q ( TDS On Purchase of Goods)-CBDT Clarification vide Circular No. 13 of 2021-Income Tax dated: 30th June 2021 1) Clarification on TDS U/s-194Q on GST Component involved in Purchases TCS U/s-206C (1H) was collected on Consideration received inclusive of GST because TCS Collection event under this section is “Receipt of Payment”. However for TDS […]
Understand the applicability of Section 194Q of the Income Tax Act with the help of guidelines issued by CBDT. Learn about various resolved issues and adjustments.
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) *********** Circular No. 13 of 2021 | […]
Finance Act 2020 introduced Section 206C(1H), where a person who is a seller and receives consideration for the sale of goods of value or aggregate value which exceeds Rs 50 lakhs in the previous year shall, at the time of receipt of money, collect TCS at the rate of 0.1% of the value exceeding Rs […]
‘194Q. (1) Any person, being a buyer who is responsible for paying any sum to any resident (hereafter in this section referred to as the seller) for purchase of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, shall, at the time of credit of such […]
Understand the new Section 194Q of the Income Tax Act and its implications for buyers. Learn about the applicability and conditions for TDS deduction on purchase of goods exceeding Rs. 50 lakhs.
TDS on Purchase of Goods Section 194Q | TCS on Sale of Goods 206C(1H) | New TDS Rate from 1st July Introduction As you may be aware, Finance Act 2021 has inserted sec 194Q under Income Tax Act 1961 w.e.f 1st July 2021, introducing TDS (Tax Deducted at Source) on purchase of goods @ 0.1%. Buyers whose […]
The Article is meant to have a deep insight into the Provisions of Section 194Q vis a vis Section 206AB and Section 206CCA read with Sub Section (1H) of Section 206C of the Income Tax Act, 1961. The author has made a humble attempt to touch the relevant topics on the subject. But since the […]
FAQ ON TDS & TCS ON PURCHASE/SALE OF GOODS & HIGHER TDS/TCS RATES IN CASE OF NON-FILERS OF ITR (Section 194Q, 206C, 206AB & 206CCA of the Income Tax Act, 1961) This FAQ covers provisions relating to (A) TDS on purchase of goods (194Q) and a comparison with TCS on sale of goods (206C(1H)) and (B) […]
The hot topic of discuss in all tax forums is deduction of tax on purchase of goods. Why is this provision in place now when already TCS was being collected by Suppliers from their buyers from October 2020? TCS all this while was applicable all sellers whose turnover was above 10 Crores and the responsibility […]
