WebMay 14, 2024 · TDS on rent under section 194I shall be deducted at the following rates: i. 2% in respect of rent paid for the plant, machinery, or equipment. ii. 10% in respect of other rental payments covered under the … WebNov 9, 2024 · Consequences of non-compliance. If buyer fails to deduct and deposit TDS at applicable rates, expenditure to the extent of 30% will be disallowed under Section 40a(ia) of the Act. ... In case TDS u/s 194Q is to be deducted on payment to the seller, TDS has to be deducted on the whole amount i.e including GST because payment is earlier than …
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Web3. nalco, being (buyer (under section 194q inserted in the income tax act, 1961 vide financea ct2024) having total sales, gross receipts, or turnover from business above rupees ten cr oreduring the last financial year, will deduct tds under section 194q, w.e.f. 01.07.2024, at t WebJun 28, 2024 · 2. Finance Act, 2024 had introduced Section 206C (1H) for levy of Tax collected at source (TCS) on sale of goods by a seller from a buyer. Finance Act, 2024 has introduced Section 194Q to provide for deduction of tax (TDS) by a buyer from the purchase of goods. It is clarified that where provisions of both TCS on sale of Goods u/s … check fibre in my area
How to compute tax to be deducted (TDS) u/s 194Q? Taxmann
WebJun 14, 2024 · Therefore, our company is liable to deduct tax u/s 194Q of the Act @ 0.1 % of sale consideration to be paid / credited to your company on or after 01.07.2024 by us on the amount exceeding Rs.50 lacs during the current financial year. Hence, we request you not to take any action to collect tax under section 206C(1H) of the Act. Or WebMar 1, 2024 · Non-compliance of section 194Q. As per section 40a (ia) of Income Tax Act 1961, dis-allowance to the extent of 30% of the value of transaction. It means that if the buyer fails to deduct and deposit TDS as applicable then dis-allowance shall be restricted to 30% of the amount of expenditure on which TDS is not deducted and deposited. WebJul 26, 2024 · Now, if Mr. A sells goods of Rs. 1 crore to Mr. B. So, provision of TCS u/s 206C (1H) is applicable on seller Mr. A and provision of above Section 194Q is applicable to Mr. B. In such case, both are not required to deduct TDS and TCS. Instead, only Mr. B, the buyer is required to deduct TDS under this section. check fibre speed