WebMay 11, 2024 · Tax is deductible under section 194Q with effect from July 1, 2024. Tax is deductible by buyer at the rate of 0.1 per cent of the amount paid or payable exceeding Rs. 50 lakh. (i) If the recipient does not furnish his PAN to the deductor, tax will be deducted at the rate of 5 per cent by virtue of section 206AA. WebMay 11, 2024 · Tax is deductible under section 194Q with effect from July 1, 2024. Tax is deductible by buyer at the rate of 0.1 per cent of the amount paid or payable exceeding …
Circular No. 20 of 2024
WebJun 30, 2024 · Ans: the provisions of section 194Q of the Act shall not apply on purchase of goods from a person, being a seller, who as a person is exempt from income tax under the Act (like person exempt under section 10) or under any other Act passed by the Parliament (Like RBI Act, ADB Act etc.). WebFeb 2, 2024 · As per Section 194Q, tax has to be deducted on the amount exceeding Rs. 50 Lakhs if the aggregate value of purchase (Including GST) exceeds Rs. 50 lakhs. However, there are cases where the value of purchase exceeds 50 lakhs only because of the GST component. For eg, Purchase value = Rs. 49 Lakhs GST @ 18% = Rs. 8.82 Lakhs geoff beckley alexandra
Whether TDS u/s 194Q is to be done including GST - The Tax Talk
WebJul 5, 2024 · Finance Act, 2024 had introduced a new section 194Q under the Income-tax Act, 1961 ('ITA') which has taken effect from 1 July 2024. As per this section, any person, … WebJul 1, 2024 · Section 194Q which is TDS on purchase is applicable w.e.f 1 July 2024, requires many clarification for which a new circular is issued on 30 June 2024 having ... geoff beattie divorce