Guidelines under section 194Q of the Income-tax Act, 1961 – CBDT Circular dated 30 June 2021

Finance Act, 2021 inserted a new section 194Q in the Income-tax Act 1961 (hereinafter referred to as “the Act”) which takes effect from I st day of July, 202 I. It applies to any buyer who is responsible for paying any sum to any resident seller for purchase of any goods of the value orContinue reading “Guidelines under section 194Q of the Income-tax Act, 1961 – CBDT Circular dated 30 June 2021”

Section 206AB:TDS for non-filers of ITR V/s Section 206CCA: TCS for non-filers of ITR w.e.f. 01st July 2021

Dear Friends, Please find below YouTube video link on Section 206AB:TDS for non-filers of ITR V/s Section 206CCA: TCS for non-filers of ITR w.e.f. 01st July 2021Also refer amended Section 206AA,206CC for your reference.https://youtu.be/rI9_6F1CxUg Regards,Bipul Kumar

Section 194Q -TDS(Buyer deduct TDS @0.1%) V/s Section 206C (1H) TCS (Seller collect TCS @0.1%) w.e.f. 01st July 2021

Dear Friends, Please find below YouTube Video link on Section 194Q -TDS(Buyer deduct TDS @0.1%) V/s Section 206C (1H) TCS (Seller collect TCS @0.1%) w.e.f. 01st July 2021 https://www.youtube.com/watch?v=cemDP7uTefo Regards,Bipul Kumar

Clarification for use of functionality under section 206AB and 206CCA of the Income-tax Act, 1961 (Press release dated 22 June 2021)

Finance Act, 2021 inserted two new sections 206AB and 206CCA in the Income-tax Act 1961 which takes effect from 1st day of July, 2021. These sections mandate tax deduction or tax collection at higher rate in case of certain non-filers (specified persons). Higher rate is twice the prescribed rate or 5%, whichever is higher. To implementContinue reading “Clarification for use of functionality under section 206AB and 206CCA of the Income-tax Act, 1961 (Press release dated 22 June 2021)”