Circular No. 13/2021 Dated 30th June 2021
Guidance under section 194Q of the Income Tax Act, 1961. Circular No. 13 of 2021 Dated 30th June 2021 issued by Income Tax Department (CBDT)
section 194Q
section 194Q
Section 194Q: Applicability, non-applicability, rate, and example
Last year from 1st July 2020, the government had introduced a new TCS provision u/s 206C(1H). This section was for “seller of goods” on receipts/advance from/for sale of goods, exceeding Rs. 50 Lakhs as a consideration during the financial year. …
Section 194Q: Applicability, non-applicability, rate, and example
U/s 194Q TDS shall be deducted by the eligible buyer of the goods at the rate of 0.10% of such sum exceeding Rs. 50Lakh.