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 : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...
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...
Finance Bill 2021 proposes to introduce a new section, 194Q. Section 194Q of the Income-tax Act, 1961 (‘Act’) would be effective from 1 July 2021. Section 194Q provides for Deduction of tax at source (‘TDS’) on payment of for purchase of goods.
Last year the Budget 2020 came with an additional compliance on part of the sellers to collect TCS u/s 206C(1H) as was announced by the Hon. Finance Minister . Now with the rolling out of this Budget, the impetus has been shifted upon the buyer. However, with the introduction of this New Section194Q, following questions […]
Chapter XVIIB of the Act relates to deduction of tax at source. The provisions of this chapter provide for TDS on various payments at rates contained therein. It is proposed to provide for TDS by person responsible for paying any sum to any resident for purchase of goods. The rate of TDS is kept very […]
Government inserted new TDS Section 194Q which will be effective from 01-July-2021, which say 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 sum to the account of the seller or at the time of payment thereof by any mode, whichever is earlier, deduct an amount equal to 0.1 per cent. of such sum exceeding fifty lakh rupees as income-tax.
