Income Tax : CBDT excludes RBI from the definition of specified person under Sections 206AB & 206CCA of the Income Tax Act, 1961. Learn the imp...
Income Tax : Effective from July 1, 2021, higher TDS/TCS rates apply if the deductee hasnt filed their ITR. Check for compliance and use the CB...
Income Tax : Explore the impact of the Finance Act, 2023 on non-resident and not ordinarily resident individuals in India. Changes in tax deduc...
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 : Relief for non-filers of income-tax returns from higher TDS/TCS rate - Budget 2023 Section 206AB & 206CCA provide special provisio...
Income Tax : The Ministry of Finance exempts RBI from Section 206CCA of Income Tax Act, 1961 through Notification No. 46/2024 dated 27th May, 2...
Income Tax : The provision of higher TDS under section 206AB is not applicable on tax to be deducted under sections 194-1A, 194-IB and 194M. Th...
Income Tax : Income Tax Department has released a new functionality Compliance Check for Section 206AB & 206CCA to facilitate tax deductors/col...
Income Tax : t may be noted that as per the provisos of sections 206AB & 206CCA of the Act, the specified persons shall not include a non-resid...
Income Tax : Issue of order u/s.138(1)(a)(i) of the Income Tax Act, 1961(‘Act’) for the purposes of launch of Compliance Check Functionalit...
All you need to know about the new rules in TDS/TCS, effective from July 01, 2021 The FINANCE ACT 2021 has introduced two new changes in rules relating to Tax deducted at source (TDS) or Tax collected at source (TCS). A. Higher TDS/TCS rate for non-filer of income-tax returns. Until now, a higher TDS rate […]
Understand the new Section 194Q of the Income Tax Act and its implications for buyers. Learn about the applicability and conditions for TDS deduction on purchase of goods exceeding Rs. 50 lakhs.
The Article is meant to have a deep insight into the Provisions of Section 194Q vis a vis Section 206AB and Section 206CCA read with Sub Section (1H) of Section 206C of the Income Tax Act, 1961. The author has made a humble attempt to touch the relevant topics on the subject. But since the […]
FAQ ON TDS & TCS ON PURCHASE/SALE OF GOODS & HIGHER TDS/TCS RATES IN CASE OF NON-FILERS OF ITR (Section 194Q, 206C, 206AB & 206CCA of the Income Tax Act, 1961) This FAQ covers provisions relating to (A) TDS on purchase of goods (194Q) and a comparison with TCS on sale of goods (206C(1H)) and (B) […]
Applicability and Analysis Section 206AB and 206CCA of Income Tax Act, 1961 Introduction: Section 206AB and 206CCA are newly inserted sections in the Income Tax Act,1961 vide Finance Act, 2021. These sections are special provision for deduction/collection of tax at source at a higher rate for certain non-filers (specified person) of Income Tax Return. Section 206AB deals with […]
You all must be getting some communication from your vendors/suppliers/buyers etc. asking for declaration on whether you have filed your IT Return for the previous two financial years or whether your total TDS deducted exceeds Rs. 50,000/- in the previous two financial years. All this is because there are major changes in TDS Provisions from […]
Section 206AB and 206CCA of The Income Tax Act will be effective from 01.07.2021. The provision requires deductor to make the TDS u/s 206AB and 206CCA if payment is made to specified person. The specified persons is defined the section, however it has become a very difficult task to determine who is a specified person […]
Get a comprehensive understanding of Sections 206AB & 206CCA of the Income Tax Act, 1961. Learn about the higher rates of TDS/TCS for non-filers of ITR.
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 […]
Understand the implications of TDS Section 206AB and Section 206CCA of the Income Tax Act, 1961. Learn about the higher TDS rates and how they apply to specified persons.
