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Articles by Vikas Rai

TDS/TCS at higher rates in case of non-filers of ITR: Section-206AB & 206CCA

Vikas Rai 07 June 2021 at 09:20

With effect from July 1, 2021, a person will have to pay TDS/TCS at a higher TDS/TCS rate if he/she has not filed Income Tax Returns for the last two years and has aggregate TDS/TCS credit of Rs. 50,000 or more in each of the two years.

Applicability of Section 194Q TDS on Purchase of Goods

Vikas Rai 31 May 2021 at 09:24

The intention of section 194Q is to widen and deepen the tax base. In order to do the same, it is proposed to levy a TDS of 0.1% on purchase transactions exceeding Rs. 50 lakhs in a year.