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...
Section 194Q has been inserted in the Income Tax Act vide Finance Act 2021 with effect from 01.07.2021. As per Section tax is required to be deducted at source from purchase consideration paid / credited on or after 01.07.2021 by purchases made, in case total turnover during financial year 2020-21 has been more than Rs […]
For checking Applicability of Section 194Q and Interplay between section 194Q or Section 206C(1H) and the TDS/TCS calculation, we have build an automatic utility for ease of Professionals or small tax payers.
Understand the implications of section 206C(1H) & section 194Q of the Income Tax Act 1961. Learn about TCS on sales of goods and its applicability.
CA Mahesh Agarwal TDS (Tax deduction at source) and TCS (Tax collection at source) are one of the major sources of regular and advance collection of Taxes by the Government. In this endeavor government has made various provisions in the Income Tax Act to cover vast economic activities for deduction or collection of taxes at […]
आयकर कानून, 1961 के अध्याय XVII बी. (यानि धारा 192 से 206 बी.) के अधीन वेतन, ब्याज, ठेका और कमीशन इत्यादि विभिन्न प्रकार के भुगतानों पर टी०डी०एस० काटने के प्रावधान हैं। इस अध्याय में वित्त अधिनियम, 2021 (बजट) के द्वारा बढ़ाई गई नई धारा 194 क्यू. के अनुसार 1 जुलाई, 2021 से कुछ करदाताओं को […]
Post approval of Union Budget 2021 buyer will be responsible to deduct TDS on purchase of goods @0.1% only with effect from 1st July 2021 if its turnover in Previous Financial year exceeds Rs 10 Cr, on purchase above 50 lakh and seller will be responsible to collect TCS under Section 206C(1H) only in case […]
आयकर कानून, 1961 के अध्याय XVII बी. यानि धारा 192 से 206 बी. के अधीन वेतन, ब्याज, ठेका और कमीशन आदि विभिन्न प्रकार के भुगतानों पर टी०डी०एस० काटने के प्रावधान हैं। वित्त अधिनियम, 2021 (बजट) के द्वारा 1 जुलाई, 2021 से इस अध्याय में एक नई धारा 206 ए.बी. बढ़ाई गई है, जिसके अनुसार निम्न […]
Understanding TDS under Section 194Q of The Income Tax Act. Learn about the new tax provisions and its impact on businesses.
Department introduced the TCS on sales of goods by introduction of section 206C(1H) w.e.f 1st Oct-2020. Thus bringing the goods under the ambit of TCS. They did not stopped here and went a step further and proposed to introduce TDS on goods by introduction of section 194Q w.e.f from 1st July-21. Thus drastically changing the […]
Finance Act 2020 had amended section 206C of the Income-tax Act 1961 by inserting a new subsection (1H) which says that the seller is required to collect the tax if the sale of goods to buyers exceeds Rs.50 lakhs. Finance Act 2021 inserted a new section 194Q which says that the buyer is required to […]
