Income Tax Articles

Section 194Q of the Income tax Act 1961

Divyam Agarwal 28 June 2021 at 18:50

The Finance Act, 2021 has introduced a new section called Section 194Q of the Income Tax Act 1961, which mandates the specified buyer to deduct TDS on the purchase of goods from the resident seller.

Understanding New TDS Provisions on Purchase of Goods u/s 194Q with Practical Examples

Mayank Mohanka 28 June 2021 at 09:25

In this Taxalogue, the new provisions of TDS on purchase of goods, contained in section 194Q, applicable w.e.f. 1.7.2021, is being explained with the help of some easy to understand practical illustrations.

Income Tax (CBDT) Due Date Extended beyond June, 2021

CS Lalit Rajput 26 June 2021 at 09:58

Government grants further extension in timelines of 18 compliances. Also announces tax exemption for expenditure on COVID-19 treatment and ex-gratia received on death due to COVID-19.

Income Tax under the head Salary

CA. Arpan Jain 25 June 2021 at 09:37

Understanding Income Tax Chargeable on Income from Salary, including Tax Saving Methods that salaried individuals can adopt to lower their taxable income.

Which Section 194Q or 206C(1H) will be applicable?

CA Pooja Dhoot 24 June 2021 at 11:44

Section 194Q is for TDS applicable from 01.07.2021 and Section 206C(1H) is for TCS applicable since 01.10.2020. Let us understand which section will be applicable in practical scenarios.

Is Income Tax circular regarding use of functionality u/s 206AB and 206CCA consistent with legal provisions?

CA Tejas Andharia 23 June 2021 at 13:31

CBDT has issued a circular regarding the use of functionality under Section 206AB and 206CCA of the Income-tax Act, 1961. Let us decode whether the same is in line with legal provisions or not.

TDS on Immovable Property & Relevance of Lower Deduction Certificate For NRIs

Manish Gupta 23 June 2021 at 09:14

Whenever a property is purchased, the buyer is liable to deduct tax from the sale consideration and pay the balance to the seller. The tax amount to be deducted depends on the residential status of the seller.

New TDS sections inserted by Union Finance Bill 2021 and audit implications

shweta v. agrawal 22 June 2021 at 09:39

The Finance Bill 2021 has introduced Section 194Q, Section 206AB and Section 194 P of the Income Tax Act which will be effective from 1st July 2021 onwards. Let us discuss them.

TDS on Purchase of Goods in Income Tax w.e.f 1st July 2021

CA Umesh Sharma 22 June 2021 at 09:39

Section 194Q - A purchaser will be liable to deduct TDS if his turnover during the last year exceeds Rs.10 crores and he purchases goods of value exceeding Rs.50 lacs in the current year from a seller.

All About Advance Income Tax

CCI Team 21 June 2021 at 09:39

Advance tax can also be called ‘pay-as-you-earn scheme. This helps taxpayers in helping the government and also themselves by not finding it hard to pay the whole tax at one go at the end.