WebJul 4, 2024 · Section 194Q was inserted by the Act No. 13 of 2024, w.e.f. 1-7-2024 which says to deduct TDS on purchase of goods subject to certain conditions fulfillment. Let’s … WebIn this video we are discussing about the new section 194Q applicability and explaining in details how and who is liable to pay TDS under this section.TDS on...

CBDT clarifies employer’s TDS obligation under new ‘default’

WebDeclaration Form for Compliance u/s 194Q Dear Customer, As you may be aware the Central Government by Finance Act, 2024 has widened the scope of Tax Deduction at Source (ie TDS) with effect from July 1 2024 by introducing section 194Q with respect to … WebAug 12, 2024 · As per Sec 194Q it is mandates buyer to deduct tax @0.1% at the time of payment or at the time of Purchase value exceeds Rs 50,00,000 which ever is earlier In our … can insurance company revoke your license

Whether TDS U/s 194Q applicable on Coal, - The Tax Talk

WebSection 194Q of the Income Tax Act, 1961, requires the buyer of goods to deduct tax at source (TDS) at the rate of 0.1% on the amount exceeding Rs. 50 lakhs… WebJul 17, 2024 · CBDT issues guidelines to clarify provisions related to TDS u/s 194Q on purchase of goods Finance Act, 2024 inserted a new section 194Q which takes effect from 01-07-2024. It provides for deduction of tax at … Section 194Q applies to payment of any sum to a resident seller for purchase of any goods of the value or aggregate of such value exceeding 50,00,000 in any previous year. It does … See more With effect from 01.07.2024, section 194Q provides that any person, being a buyer who is responsible for paying any sum to any resident (hereafter in this section referred to as the ‘seller’) for purchase of any goods of the … See more The term ‘goods’ is not defined in the Income-tax Act. The term ‘goods’ is of wide import. Anything which comes to the market can be treated as goods. However, this term ‘Goods’ has been defined under the Sale of Goods Act, … See more can insurance company request phone records