194Q Vs. 206C(1H) of the Income Tax act, 1961

CA Preksha Choraria | Last updated: 07 February 2021

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The Finance Bill, 2021 introduced Section 194Q for TDS on goods purchases, which is similar to Section 206C(1H) for TCS on goods sales introduced earlier. This article clarifies the potential ambiguity for businesses regarding their simultaneous application. It details key differences in purpose, applicability, triggering points, timing, rates, and exclusions for both sections.

194Q versus 206C(1H) of the Income Tax act, 1961 The Finance Bill, 2021 has introduced section 194Q - TDS on purchase of goods which is having resemblance to section 206C(1H)- TCS on Sale of Goods brought in by Finance Bill, 2020. There is ambiguity regarding their simultaneous applicability to

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About the Author

CA Preksha Choraria

CA-Practicing

* Chartered Accountant *Experience in Direct, Indirect taxation, Company Audit, ROC Compliances, Trust, GST and Government GST and finalisationfor 6 years * Secured AIR 19 in CA Finals conducted by ICAI, November 2014 * Secured AIR 11 in CA IPCC conducted by ICAI, November 2011 * Secured 2 Rank in Gujarat, CA C ... Read more

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194Q Vs. 206C(1H) of the Income Tax act, 1961

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