Section 194Q – TDS on Purchase of Goods (Union Budget 2021)
Applicability: This shall be effective 1st July’21 TDS Rate: 0.1% on amount exceeding Rs 50L 5% if PAN is not furnished When to Deduct? Assessee deducts while paying for the… Read more »
Category: TDS
Coexistence of TDS 194Q and TCS 206C(1H) after Budget of 2021
Section 194Q – TDS on Purchase of Goods limits the scope and applicability of the Section 206C(1H) – TCS on Sale of Goods as the Second Proviso to Section 206C(1H) states… Read more »
Section 194LBB – Income in respect of units of the Investment Fund
Section 194LBB of the Income Tax Act, 1961 has been inserted with effect from 1st June 2015 on TDS deduction on Income from Investment Funds. Time of Deduction: Deduction shall be… Read more »
Section 193 – TDS on Interest on Securities
Section 193 – TDS shall be deducted on interest paid on securities by the interest payer Time of Deduction- TDS to be deducted at the time of credit or payment,… Read more »
TDS / TCS at Higher Rates for Non-filers of Income Tax Return
The government of India has been implementing measures to curb tax evasion and increase tax compliance by streamlining the tax collection processes. One of those measures is to impose high… Read more »
Claim of TDS Credit deducted by the Employer but not paid to the Government
What is a tax credit? If tax has been deducted at the source (TDS) and the same deposited with the government, it would be treated as a tax paid on… Read more »