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Income Tax : Discover the latest Circular from the Ministry of Finance, India, outlining measures to reduce tax litigation by specifying condit...
Income Tax : Get details on Circular No. 04/2024 by CBTD. Ex-post facto extension for Form No. 26QE due date till 30.05.2023. Waiver of fees an...
1. Insertion of New Section 206AB New section 206AB has been inserted by THE FINANCE ACT, 2021 NO. 13 OF 2021 Dated 28th march, 2021. The section is inserted w.e.f. 1st July, 2021. Section 206AB “Special provision for deduction of tax at source for non-filers of income-tax return” Section is Applicable 1. If person require […]
Overview In Finance Act 2021, various amendments have been enacted in TDS provisions. The most significant amendment is made by inserting a new Section which mandate to deduct TDS on purchase of goods. It will be a huge compliance for deductor to comply with above section. TDS on purchase of goods will be burden some […]
Practical approach to new TDS section 194Q introduced in budget 2021 which will be effective from 01.07.2021 and its effect in application of existing section(amended) TCS u/s 206C (1H) of Income Tax which is required to be collected on sales of goods above 50 lakh. With the introduction of new section 194Q in the Budget […]
TDS (Section 194Q) v. TCS (Section 206C(1H)) – A fight between Right Hand v. Left Hand With effect from 1st October 2020, Government had introduced Section 206C(1H) i.e. a seller having turnover of more than Rs. 10 Crores in the preceding financial year is required to collect TCS from the buyers from whom receipts exceeds […]
New Registration for Trusts Finance Bill 2020 – Notes It is also felt that the approval or registration or notification for exemption should also be for a limited period, say for a period not exceeding five years at one time, which would act as check to ensure that the conditions of approval or registration or […]
Tax Practitioners’ Association, Indore – Team TPA has released Advisory on Section 194Q (TDS on Goods) and TDS on non Income Tax Return Filers filers. Full Text of the Advisory is as follows:- TDS on purchase of Goods – Section 194Q (Applicable w.e.f. 1st July, 2021) Finance Act 2021 has introduced new provision which requires […]
Finance Act 2020 had introduced Sec 206C (1H) – which compelled the seller of goods to collect TCS on sale to eligible buyers subject to certain conditions. Amidst a lot of hue and cry the CBDT had finally implemented the same with effect from 1st Oct 2020.
♦ Who is liable to deduct TDS u/s 194Q? Buyer will deduct TDS of seller As per section 194Q, When a Buyer who is responsible for paying any sum to any resident seller for purchase of any goods of the value or aggregate of such value exceeding Rs.50 Lakhs during the year, he shall deduct […]
Understand the implications of Section 206AB and 206CCA introduced in Finance Act 2021. Learn about the applicability and rates of TDS/TCS.
Finance Act 2021 has introduced a new Section in TDS – Section 194Q TDS on Purchase of Goods, which will be coming into effect from 1st July 2021. This new Section is quite complicated and will definitely demand some extra efforts from Accountants and Professionals. Earlier since October 2020, a new provision of TCS was introduced […]
