New Section 194Q of Income Tax Act w.e.f. 1st July, 2021

New Section 194Q of Income Tax Act w.e.f. 1st July, 2021 Section 194Q has been inserted in the Income Tax Act which talks about TDS being deducted on Purchase of Goods by the Buyer @ 0.1% of the sum exceeding Rs. 50 Lacs. Readers will recall the section being similar to Section 206C(1H) which inserted the law of collecting TCS on Sale of Goods. Applicability Conditions […] https://ift.tt/eA8V8J TaxGuru