The proposed date of applicability for section 194Q is July 1, 2021. Per the charging proviso to this section, the section will apply to any person who is a buyer, and who is responsible for making payments to a resident for the purchase of goods when the value or aggregate of either ...
Example- Mr. Seller sold goods to Mr. Buyer and collecting TCS under section 206C(1H), however after applicability of sec. 194Q (1 July 2021) Mr. Buyer is covered by sect 194Q. Since sec 194Q is an overriding section hence Mr. buyer shall be liable to deduct TDS...
The taxpayer contended that CIT(A) had made a mistake in assuring the applicability of section 194I for the deductions of tax at source upon the storage charges and therefore can not confirm the demand. ITAT permitted the taxpayers to petition and set aside the assessment order. The...
One of the most common scenarios of mismatch is when you may have more tax liability than you thought. If you agree with the calculation of the ITD you can go ahead and pay the remaining tax. However, if you disagree with the calculation, you can respond accordingly on the new Income Ta...
The proposed date of applicability for section 194Q is July 1, 2021. Per the charging proviso to this section, the section will apply to any person who is a buyer, and who is responsible for making payments to a resident for the purchase of goods when the value or aggregate of either ...