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...
1st July 2021 is going to be a big day as far as TDS and TCS under the Income Tax Law is Concerned. A new Section 194Q – The TDS on Purchases of Goods will be there and further another new section 206AB and 206CCA will also be there for Enhanced rate of TDS/TCS. One […]
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 […]
