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...
This article provides easy analysis of section 194Q-TDS on Purchase of Goods and Section 206C(1H)-TCS on sale of goods. The article also covers the latest CBDT clarifications on section 194Q and 206C(1H) of the Act. finance Act 2020 had amended section 206C of the Income-tax act 1961 by inserting a new subsection (1H) which says […]
Understand Section 194Q of the Income Tax Act, 1961 for tax deduction guidelines on purchase of goods exceeding Rs.50 Lakhs.
On 1/10/2020, new section 206C(1H) relating to TCS on sale of goods was introduced. It states that, the seller at the time of sale of goods of the value aggregating to Rupees Fifty Lakhs or more in previous year should deducted TCS. Further the following year a new section was introduced in the Finance Bill […]
Section 194Q brings further complications to the compliance of various provisions of law already existing and it will certainly be felt by the business circle as being contrary to the ‘Ease of Doing Business’.
TCS ON SALE OF GOODS UNDER SECTION-206C(1H): The Finance Act,2020 had inserted a new section 206C(1H) with effect from 1st October 2020.It applies to any seller who receives any consideration for sale of any goods of the value exceeding rupees fifty lakhs in any previous year. The seller shall collect from the buyer, a sum […]
Circular No.13 dated 30th June 2021 issued by Central Board of Direct Taxes gave the Guidelines under Section 194Q of Income Tax Act, 1961. The CBDT Circular also covers the linkage between Sections 194Q, 194-O and 206C(1H). 194-O is tax deduction at source by ecommerce operator, the rate is 1.0% and it has come into […]
Analysis of Section 194Q and Section 206C(1H) of Income Tax Act, 1961 In Budget’2021 our honorable Finance Minister introduced Section 194Q, requiring deduction of TDS on purchase of Goods (w.e.f. 01st July, 2021). For the very first time in India such kind of section has been introduced under Direct Tax Law. The Section has been […]
As per Section 194Q the buyer, whose turnover or gross receipts or total sales is exceeding Rs. 10 crores in a financial year immediately preceding the relevant financial year, shall be liable to deduct tax at rate of 0.1% on the value exceeding Rs. 50 lakhs at the time of: – Section 194Q was introduced […]
TDS- Tax Deducted at Source, is deducted for the payment that exceeds a specified due limit. However, this was the case earlier. But now, from 1st July 2021, apart from the current scope of TDS deduction applicable on the notified nature of payment of expenses, businesses are required to deduct TDS on purchase of goods […]
A new section 194Q (Deduction of tax at source on payment of certain sum for purchase of goods) is inserted by Finance Act – 2021 effective from 01/07/2021. This new section 194Q has given rise to the question “Whether TCS u/s 206C (1H) of Income Tax is to be collected on receipt of sales consideration […]
