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...
Understand the interplay between TDS under section 194Q and TCS under section 206C(1H) in the Income Tax Act. Learn the basic provisions and applicability of these sections on both the purchase and sale of goods.
Discover the applicability of TDS under section 194Q of the Income Tax Act for purchase of goods of value exceeding INR 50 Lakhs. Get to know how the provision, effective from 1st July 2021, affects you, here!
Learn about Section 194Q & Section 206C (1H) of the Income Tax act, 1961, and how they form TDS on payments for purchase of goods. 0.1% TDS rates for businesses with turnover above 10 crores explained.
Applicability of provisions of Section 194Q of the I.T. Act,1961-For transactions in agricultural produce of farmers traded through Commission Agents of recognized Agricultural Produce Market Committee (APMC)-Request to issue guidelines in order to remove genuine hardship and practical difficulties faced by the Commission Agents and Traders
Learn about the new tax deduction provision under Section 194Q and its implications for buyers. Understand the criteria and rates for tax deduction.
Understanding TDS and TCS under Income Tax: Exploring sections 194Q and 206(1H) and their impact on businesses.
Explore the updated Income Tax TDS Rate Chart for FY 2022-23 / AY 2023-24. Comprehensive guide covering TDS rates on various incomes as per the Income-tax Act. Stay informed to ensure accurate tax deductions.
Regarding applicability of provisions of section 194Q and 206C(1H) of Income Tax Act, 1961 w.e.f 01.04.2022. 206C(1H): Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods being exported […]
Understanding TDS on purchase of Goods- Section 194Q: A comprehensive guide to the new tax provision under the Income Tax Act of 1961.
Recently, vide circular no. 20 of 2021 dated 25th November 2021, the Central Board of Direct Taxes has come up with various important clarifications on number of issues relating to provisions of section 194O(4); section 194Q(3) and section 206C(1H). The same is analyzed and explained in the current article. Briefs of all the three relevant […]
