Income Tax : This guide explains the applicability of TDS under Section 194Q and TCS under Section 206C(1H), including thresholds, rates, and c...
Income Tax : The guide outlines exemptions available to government departments, specified non-residents, and transactions in securities traded ...
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 : 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 format of declaration for filing income tax returns for the last two years, as required by the Income Tax Act.
Recent CBDT circular on Section 206C(1H) and Section 194Q has created more confusion. There are still anomalies. I have tried to collect all Problems related to drafting of these sections & Problems related to implementing Section 206C(1H) & Section 194Q. Also check suggestions. I have suggested 3 measures which can streamline section 194Q and section […]
Section 194Q- Deduction of TDS on Purchase of Goods The government has introduced Section 194Q in the Income Tax Act, 1961 vide the Finance Act, 2021. The intent of the government to bring this provision is to establish the trail of high value of transaction of sale and purchase of goods. There are various other provision which […]
As anticipated, the Apex body CBDT has come up with a Clarificatory Circular No. 13 of 2021 bearing folio no. 370142/26/2021-TPL, containing clarificatory guidelines on newly inserted provisions concerning applicability of TDS on Purchase of Goods u/s 194Q of the Income Tax Act. In this Taxalogue, all the significant clarifications/guidelines as contained in the captioned […]
Section 194Q of the Income Tax Act, 1961 is applicable with effect from 1st July 2021 to any buyer who is responsible for paying any sum to any resident seller for purchase of any goods of the value or aggregate of value exceeding fifty lakh rupees in any previous year. The buyer, at the time […]
Guidelines under Section 194Q of the Income Tax Act, 1961- Circular No. 13 of 2021 dated 30th June, 2021 The Finance Act, 2021 inserted a new section 194Q in the Income tax Act 1961 (Act) which takes effect from 1st day of July, 2021. Applicability of Section 194Q- “Buyer” means a person whose total sales, […]
Introduction: The Finance Act, 2020, inserted Sub-Section (1H) in Section 206C to provide for the collection of tax by a seller from the amount received as consideration for the sale of goods if it exceeds Rs. 50 lakhs in any previous year. On the similar lines, the Finance Act, 2021, has inserted a new Section […]
What was the need OF TDS/TCS u/s 194Q/206C(1H)? (If the purpose is to get Information to whom big sales are made then, we could have given the list PAN +Aadhar of such parties). Whosoever has brought the idea of 194Q and 206C(1H) i.e. TDS/ TCS on Goods PURCHASE/SALE, deserves Global Award for ‘World’s Most Innovative Taxation Compliance’.
Section 194Q V/s 206C (1H) What is Section 194Q? Section 194Q is for Tax deducted at source (TDS) applicable from 01.07.2021. What is Section 206C (1H)? Section 206C (1H) is for Tax Collected at source (TCS) applicable from 01.10.2020. A person is liable to deduct TDS under Section 194Q when the below conditions are satisfied- The person […]
Income tax updates Newly Inserted Section 194Q Section 194Q of the Income Tax Act is introduced vide the Finance Act, 2021, has come into effect from 01-07-2021. The new section 194Q applies to any buyer who is responsible to pay for purchase of goods of the value or aggregate of value exceeding INR 50 Lakh in the […]
