Understanding TDS Applicability Under Section 194Q for Purchased Goods | Tax Professional Blogs | Scoop.it
From blog.saginfotech.com - November 6, 2023 2:16 AM

The Finance Act 2020 introduced Sub Section (1H) within Section 206C, requiring sellers to collect tax on consideration for goods sales exceeding Rs. 50.00 Lacs in any previous year. Similarly, the Finance Act 2021 introduced Section 194Q for buyers to deduct tax from goods purchases. Section 194Q became effective on July 1, 2021. comprehensive Guide to TDS Applicability Under Section 194Q for Purchased Goods, Including a Comparison with 206C(1H).