A key understanding of intricacies of newly introduced section 194-Q relating to withholding tax on purchase of goods and its interplay with Section 206AA/206AB, relating to deduction of TDS at higher rates, is essential for day-to-day compliance by organizations. The said provisions of section 194-Q are applicable from 01st July 2021. As special provision for...
The Finance Bill, 2021 takes the same recourse by inserting Section 194Q, Section 206AB, and Section 206CCA. Section 194Q: Earlier Govt. has proposed and implemented 206C(1H) on the sale of goods. Now similar provision is applicable from 01st July 2021, that ’buyer’ being a responsible person for paying any sum to any resident seller for...
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