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...
Important matters connected with TCS provision under section 206C(1H) Of Income Tax Act, 1961 1. The provision that has been brought at this time is only in relation to ‘sale of goods’ and services have been kept away from this provision. 2. This provision will be applicable to seller if the turnover is more than […]
Tax Deduction at Source (TDS) & Tax Collection at Source (TCS) are the prime mode of collection of Income Tax by the Government. It is imperative that Government takes all such action to widen the net of TDS & TCS and we have seen a hike in this in last couple of years. Now, one […]
माल की खरीद पर टीडीएस धारा 194Q और धारा 206(C)(1H) से जुडा एक बड़ा सवाल सुधीर हालाखंडी दिनाक 1 जुलाई 2021 से आयकर कानून में टीडीएस को लेकर एक नई धारा को194 Q लागू हो रही है जिसके अनुसार खरीददारों को अपने विक्रेताओं से प्राप्त माल की खरीद पर टीडीएस काटना है . इस धारा […]
The recent amendments together with some earlier amendments have brought about confusion as regards its implications. A brief note in a summary form is prepared for a clear understanding of such provisions.
Understand the requirements of 194Q and 206C(1H) of Income Tax Act, 1961. Learn how to comply with these rules to avoid penalties and ensure legal compliance.
Stay updated on recent changes in TCS/TDS on sale-purchase of goods. Learn about the new regulations and their impact on businesses.
Section 194Q – TDS on PAYMENT for PURCHASE of GOODS (w.e.f. 01.07.2021) 1. Applicable on BUYER i.e. person making payment 2. On GOODS purchased – not on services 3. SELLER is RESIDENT i.e. not applicable to Non-Resident (not having any permanent establishment in India). 4. BUYER has TURNOVER from business EXCEEDING Rs.10 CRORES in the […]
1st July 2021 is going to be a big day as far as TDS and TCS under the Income Tax Law is Concerned. A new Section 194Q – The TDS on Purchases of Goods will be there and further another new section 206AB and 206CCA will also be there for Enhanced rate of TDS/TCS. One […]
1. What is Section 194Q and 206C(1H)? – Section 194Q is for Tax deducted at source (TDS) applicable from 01.07.2021 and – Section 206C(1H) is for Tax Collected at source(TCS) applicable from 01.10.2020. 2. When is a person liable to deduct TDS u/s 194Q and TCS u/s 206C(1H)? -TDS is to be deducted under section […]
As many taxpayer are still facing difficulties in complying with provisions of section 206C(1H), insertion of new section 194Q has created lots of confusion among Professionals and Trade as to which section to be complied with.
