Income Tax : Explore major income tax updates for FY 2025-26, including revised tax slabs, TDS/TCS rules, rebates, and benefits for startups. S...
Income Tax : TCS on sales exceeding ₹50 lakh under Section 206C(1H) will be removed from April 1, 2025, reducing compliance burden for seller...
Income Tax : From April 1, 2025, TCS on the sale of specified goods under Section 206C(1H) will no longer apply, reducing compliance burden and...
Income Tax : Understand provisions of TCS under Section 206C(1H) and TDS under Section 194Q, including applicability, rates, exclusions and com...
Income Tax : Important TDS rate changes from October 1, 2024, affecting insurance, rent, commissions, mutual funds, and e-commerce. Learn about...
Income Tax : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...
Income Tax : Tribunal in the case of Yegneswari General Traders vs. ITO held that kaccha arahtias are concerned, the turnover does not include ...
Income Tax : Tribunal in the case of Yegneswari General Traders vs. ITO has held that based on CBDT circular no. 452 it is clear that Kaccha Ar...
Income Tax : On appeal, after considering the submissions of the assessee, the Ld. Addl/ JCIT (A), partly allowed the appeal of the assessee. O...
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 : 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...
The Finance Act, 2021 has introduced new section 194Q which will be applicable from 1st July 2021 and is going to impact drastically every business operating in India wrt TDS on purchase transactions. The provisions of new section 194Q require the specific buyer to deduct TDS on the purchase of goods from the resident seller. As per Section 194Q(1), […]
Finance Act 2021 introduced section 194Q which is applicable w.e.f. 1st July 2021. As per Section 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 […]
Understand the new provision relating to TDS on the purchase of goods under Section 194Q. Learn about the similarities and differences with Section 206C.
Article explains provisions of Section 194Q TDS on purchase of goods (w.e.f. 1st July, 2021) and Section 206C(1H) TCS on Sale of goods (w.e.f 1 October, 2020). Article further explain the meaning of Deductor/Collector, Threshold Limit, Deductee/ Collectee, Time of Deduction/Collection, Rate of Tax Deduction/Collection, Non Applicability, From which date the threshold limit of Rs. […]
The concept of TDS was introduced with an aim to collect tax from the very source of income. Currently there are 36 provisions in the Income Tax Act which require TDS deductions from various payments. There is a recent insertion of section 194Q vide Finance Act 2021. With introduction of Section 194P and 194Q, there […]
A new section 194Q, has been introduced in Finance Act, 2021, to the Income Tax Act, which requires a buyer to deduct TDS of seller, while purchasing of goods. This section will be applicable from 1st Jul, 2021. As we have seen, last year, a similar provision of section 206C(1H) was introduced, where seller needs to collect TCS from buyer on sale of goods.
The Hon’ble Finance Minister in her budget speech for 2020 had introduced sub-section (1H) to the provisions of Section 206C, thereby including sale of goods under the ambit of TCS subject to specific conditions. The initial date of roll out of this provision was 1st of July 2020 which was then extended to 1st Oct. […]
The Finance Act, 2021 has introduced new section 194Q which is effective from 1st July 2021. The provisions of new section 194Q require the specified buyer to deduct TDS on the purchase of goods from the resident seller. The present article covers briefing of provisions of section 194Q; explanation of the term ‘buyer’; time of […]
People generally refer hassle as an irritating inconvenience. And the taxpayers are facing a similar inconvenience to apprehend the applicability of the provisions of TDS on Purchase or TCS on Sale on a single transaction. Last year in Finance Act 2020, Government has introduced Sub-Section (1H) in Section 206C which provide for the collection of […]
Last year, Government implemented TCS provision u/s 206C(1H) for `Seller of Goods’ on Receipts/advance from/for Sales of Goods, exceeding Rs. 50 Lakhs as consideration, during a financial year. “Seller” means a person whose total sales, gross receipts or turnover from the business carried on by him exceeded ten crore rupees during the financial year immediately preceding the financial […]
