Articles|Income Tax

TDS applicability on purchase of goods under section 194Q

SECTION 194Q: TDS APPLICABILITY ON PURCHASE OF GOODS   Finance Act, 2020, sub-section (1H) was inserted into section 206C of the Income Tax Act. As per section 206C(1H), the seller of the goods receiving the consideration of value exceeding INR 50 Lakhs was required to collect TCS @ 0.1%. The provisions are effective from 1st …

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