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 : Explore the transformative impact of Section 206C (1H) in the Income Tax Act, 1961, regulating Tax Collected at Source (TCS) on go...
Income Tax : Learn about TDS provisions in the Income Tax Act, including Section 194N, 1940, 194P, 194Q, 194R, 194S, 206C(1G), 206AB, and 206CC...
Income Tax : Clarification on Applicability of TCS And TDS on Buying and Selling of Bullion & Jewellery In view of Circular No. 13 of 2021, ...
Income Tax : Read the detailed analysis of Indira Ramaiah Vs ITO case by ITAT Bangalore. ITAT upheld the addition of gift for undisclosed inves...
Income Tax : Read about the case of Aark Infosoft Pvt. Ltd. vs. ACIT (ITAT Ahmedabad) where the assessment was deemed void due to a delayed Sec...
Income Tax : Mere opening, breaking or uncorking of a liquor bottle by mere twisting the seal in a liquor bottle will not amount to generation ...
Income Tax : ITAT Indore held that the credit of the tax collected at source should be given to the person in whose hands the income is rightfu...
Income Tax : Jharkhand High Court held that TCS is not to be collected in the transaction of purchase of coal which is used in generation of po...
Income Tax : Provisions of TCS shall not apply to a buyer being an individual who is not a resident in India and who is visiting India. Hence, ...
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, Air India Limited (PAN: AACCN6194P) shall not be considered as ‘seller’ for the purp...
Understanding the difference between Section 194Q and Section 206C(1H) of the Income Tax Act, 1961. Learn about the tax implications for sellers and buyers in this informative blog post.
The provisions for 194 Q are for purchase of Goods whereas Section 206C(1H) are for receipts of payments. Both sections increase the Compliance Burden of an Entity in already over crowded calendar. Basic Finance Bill has mandated TCS provisions under section 206C(1H) for `Seller of Goods’ on Receipts and or advance on account of and from Sales of […]
Section 206C(1H) of Incoem Tax Act, 1961 is already applicable from 01-10-2020 and Section 194Q will be applicable from 01-07-2021 Article explains Section 206C(1H) and Section 194Q considering confusions prevailing currently in industry regarding TDS & TCS under both these sections. Article also contains PICTORIAL FLOW CHART OF INTERPLAY BETWEEN Section 194Q VS Section 206C(1H). […]
Article explains provisions of Section 194Q TDS on purchase of goods (w.e.f. 1st July, 2021) and Section 206C(1H) TCS on Sale of goods (w.e.f 1 October, 2020). Article further explain the meaning of Deductor/Collector, Threshold Limit, Deductee/ Collectee, Time of Deduction/Collection, Rate of Tax Deduction/Collection, Non Applicability, From which date the threshold limit of Rs. […]
A new section 194Q, has been introduced in Finance Act, 2021, to the Income Tax Act, which requires a buyer to deduct TDS of seller, while purchasing of goods. This section will be applicable from 1st Jul, 2021. As we have seen, last year, a similar provision of section 206C(1H) was introduced, where seller needs to collect TCS from buyer on sale of goods.
The Hon’ble Finance Minister in her budget speech for 2020 had introduced sub-section (1H) to the provisions of Section 206C, thereby including sale of goods under the ambit of TCS subject to specific conditions. The initial date of roll out of this provision was 1st of July 2020 which was then extended to 1st Oct. […]
People generally refer hassle as an irritating inconvenience. And the taxpayers are facing a similar inconvenience to apprehend the applicability of the provisions of TDS on Purchase or TCS on Sale on a single transaction. Last year in Finance Act 2020, Government has introduced Sub-Section (1H) in Section 206C which provide for the collection of […]
Last year, Government implemented TCS provision u/s 206C(1H) for `Seller of Goods’ on Receipts/advance from/for Sales of Goods, exceeding Rs. 50 Lakhs as consideration, during a financial year. “Seller” means a person whose total sales, gross receipts or turnover from the business carried on by him exceeded ten crore rupees during the financial year immediately preceding the financial […]
Below attached file provides analysis of Section 206C(1H) of Income Tax Act,1961. Kindly go through the analysis and provide your valuable insights. In Case PAN not furnished then 1% rate applicable. This Provision shall not apply in case when Buyer is liable to deduct TDS on goods purchased by him. Here Seller shall mean : […]
Is charging TCS on Invoice for Sale of Goods u/s 206C(1H) correct? Or non-compliance of statue? What will be the effect of overriding section 194Q or Section 206CB? Section 206C(1H) has been made effective from October 1, 2020 which states that TCS @0.1% (0.075% for Fy 2019-20) shall be collected by a Seller having turnover […]
