on by them exceed ten crore rupees during the financial year immediately preceding the financial year in which the purchase of goods is carried out. Tax is required to be deducted by such person if the purchase of goods by them from the seller is of the value or aggregate of such value ...
Section 194Q of the Income Tax Act is recently introduced vide the Finance Act, 2021. Under section 194Q “It is provided for TDS by the person responsible for paying any sum to any resident for purchase of goods. The rate of TDS is kept very low at 0.1%. The tax...
A new TDS section 194Q, on purchase of goods is recently introduced vide the Finance Act, 2021.This is going to apply to any person, being a buyer responsible for making a payment to a resident for purchase of goods when value or aggregate of purchase from a supplier or pay...
As per this section, TDS will be deducted by a buyer, whose total sales, gross receipts or turnover of purchasing goods exceeded 10 crores rupees in the year prior to a current year, when a purchase of goods is carried out. The tax shall be deducted based on the following provisions. ...
The calculation of interest is on PER MONTH basis NOT on number of DAYS basis i.e. PART of month to be considered as FULL month. Note: The Payment of interest should be from the Date on which TDS was deducted, NOT from the date on which TDS Challan is due. Unlock Ad-Free CAclubin...
TDS to be calculated on the base (taxable value) = Rs. 1,00,000/- TDS rate in GST = 1% (CGST) and 1% (SGST) Calculation to be made excluding the tax amount (Rs. 1,28,000 (-) Rs. 28,000) In the given example TDS calculation would work out to be ...
Purchase Returns & Sales Returns in Tally ERP9 Delivery Notes & Receipt Notes in Tally ERP9 Sales Orders Quotations in Tally ERP9 Tally ERP9 Discounts I Trade Discounts & Cash Discounts PriceList's in Tally ERP9 I Party Level & Product Level Auto-Interest Calculation on Overdue Installments ...
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...
on by them exceed ten crore rupees during the financial year immediately preceding the financial year in which the purchase of goods is carried out. Tax is required to be deducted by such person if the purchase of goods by them from the seller is of the value or aggregate of such value ...
Purchase Returns & Sales Returns in Tally ERP9 Delivery Notes & Receipt Notes in Tally ERP9 Sales Orders Quotations in Tally ERP9 Tally ERP9 Discounts I Trade Discounts & Cash Discounts PriceList's in Tally ERP9 I Party Level & Product Level Auto-Interest Calculation on Overdue Installments ...