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...
Finance Act 2020 had introduced Sec 206C (1H) – which compelled the seller of goods to collect TCS on sale to eligible buyers subject to certain conditions. Amidst a lot of hue and cry the CBDT had finally implemented the same with effect from 1st Oct 2020.
♦ Who is liable to deduct TDS u/s 194Q? Buyer will deduct TDS of seller As per section 194Q, When a Buyer who is responsible for paying any sum to any resident seller for purchase of any goods of the value or aggregate of such value exceeding Rs.50 Lakhs during the year, he shall deduct […]
Finance Act 2021 has introduced a new Section in TDS – Section 194Q TDS on Purchase of Goods, which will be coming into effect from 1st July 2021. This new Section is quite complicated and will definitely demand some extra efforts from Accountants and Professionals. Earlier since October 2020, a new provision of TCS was introduced […]
Any person (being a buyer) who is responsible for paying any sum to any resident seller for purchase of any goods of the value exceeding 50 Lakhs in any Previous year required to deduct tax u/s 194Q w.e.f. July 1, 2021. “Buyer here means whose Total sales, gross receipts or turnover from the business carried […]
The Finance Bill, 2021 has introduced section 194Q – TDS on purchase of goods which is having resemblance to section 206C(1H)- TCS on Sale of Goods brought in by Finance Bill, 2020. Let’s understand with it with very quick reading of both the section. Section 194Q Vs 206C(1H): Any person, being a buyer (whose sales exceeds […]
A detailed analysis of Section 194Q and a comparative study with Section 206C(1H) of the Income Tax Act, 1961 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. […]
The Finance Act 2021, has widened the family base of the TDS Chapter by introducing a new member namely Section 194Q w.e.f. 1st July 2021. Likewise, Last year govt. introduced TCS on the Sale of Goods u/s 206C(1H). Earlier the applicability of TDS or TCS provisions were restricted to some specific items of Income or […]
Understanding the difference between Section 194Q and Section 206C(1H) of the Income Tax Act, 1961. Learn about the tax implications for sellers and buyers in this informative blog post.
The provisions for 194 Q are for purchase of Goods whereas Section 206C(1H) are for receipts of payments. Both sections increase the Compliance Burden of an Entity in already over crowded calendar. Basic Finance Bill has mandated TCS provisions under section 206C(1H) for `Seller of Goods’ on Receipts and or advance on account of and from Sales of […]
Section 206C(1H) of Incoem Tax Act, 1961 is already applicable from 01-10-2020 and Section 194Q will be applicable from 01-07-2021 Article explains Section 206C(1H) and Section 194Q considering confusions prevailing currently in industry regarding TDS & TCS under both these sections. Article also contains PICTORIAL FLOW CHART OF INTERPLAY BETWEEN Section 194Q VS Section 206C(1H). […]
