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...
1. On which type of Assessee section 194Q applies? Ans. Any person, being a buyer whose total sales/gross receipts/turnover from the business carried on by him exceed 10 crore rupees during the F.Y. immediately preceding the F.Y. in which the purchase of goods is carried out, not being a person, as the Central Government may, […]
Section 194Q for TDS deduction on the purchase of goods has become effective from 1.7.2021, whereas TCS collection on sale of goods is already applicable from last year from 1.10.2020, but there is confusion regarding the treatment of GST amount while applying the provisions of these sections.
Every purchaser of goods, whose total sales, gross receipt or turnover from the business exceeds Rs. 10 crores in immediate preceding financial year. In such case, he is liable to deduct TDS under section 194Q @ 0.1% on the amount booked or paid (whichever is earlier) as consideration for the purchase of goods to a […]
According to the learned counsel for the petitioner, the Income Tax Department has clarified the newly introduced provision of Section 194Q of the Act by their communication at Ext.P7 which unequivocally states that buyers are supposed to deduct tax at source within the sale consideration payable to the Oil Companies.
Complete Guide on Section 206C(1H), Section 194Q including TDS/TCS rate in case non Pan/ Non- filer? An analysis of Section 206C(1H), Section 206CC, Section 206CCA, Section 194Q, Section 206AA and Section 206AB. All about TCS on Goods Various discussions are going on about the applicable rate of TCS and TDS on various forums in case […]
Section 194Q & 206C(1H) | Circular No. 13/2021 Section 194Q Applicability of Section 194Q: 1) Applicable from 1stJuly 2021. 2) When buyer purchase any goods of value or aggregate of value > 50 Lakhs in the previous year. 3) Buyer deducts @0.10% at the time of credit of such sum to the account of the […]
Coverage :- i. Analysis of provisions of Section 194Q ii. Analysis of provisions Section 206C(1H) iii. Time and manner of deposit of tax with Interest Liability iv. Time and manner of furnishing of TDS / TCS statement v. Time and manner of furnishing of TDS / TCS certificates vi. Consequences of late deposit of taxes, […]
SECTION-194Q-TDS ON PAYMENT OF CERTAIN SUM FOR PURCHASE OF GOODS Section 194Q was inserted by the Act No. 13 of 2021, w.e.f. 1-7-2021 which says to deduct TDS on purchase of goods subject to certain conditions fulfillment. Let’s see in detail how the whole provisions of this section works, its applicability & other burning issues. APPLICABILITY […]
Article discusses TDS on Purchase of Goods under section 194Q of Income Tax Act, 1961, TCS on Sale of Goods – Section 206C(1H), TCS on Scrap – Section 206C(1), TCS on Sale of Motor Section 206C(1F), TDS on Non-filers of Income Tax Return u/s 206AB [Read with Section 206AA], TCS on Non-filers of Income Tax […]
Is last Para of Income Tax Circular No. 13 of 2021 dated 30th June, 2021 consistent with legal provisions? Second Proviso to Section 206C(1H) reads as ‘the provisions of this sub-section shall not apply, if the buyer is liable to deduct tax at source under any other provision of this Act on the goods purchased […]
