TDS on Purchase of Goods | Section. 194Q | Income Tax Updates скачать в хорошем качестве

TDS on Purchase of Goods | Section. 194Q | Income Tax Updates

In this video I have explained in detail about section 194Q regarding TDS on purchase of goods. Please do give your valuable feedback after watching the video. Please share this video with your friends for whom this may be useful. Please do SUBSCRIBE to this channel. Thanks for watching. Arul Serabin A #section194q #incometaxupdates #tdsonpurchase Bare provisions of Income Tax Act: 194Q. (1) Any person, being a buyer who is responsible for paying any sum to any resident (hereafter in this section referred to as the seller) for purchase of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, shall, at the time of credit of such sum to the account of the seller or at the time of payment thereof by any mode, whichever is earlier, deduct an amount equal to 0.1 per cent of such sum exceeding fifty lakh rupees as income-tax. Explanation.—For the purposes of this sub-section, "buyer" means a person whose total sales, gross receipts or turnover from the business carried on by him exceed ten crore rupees during the financial year immediately preceding the financial year in which the purchase of goods is carried out, not being a person, as the Central Government may, by notification in the Official Gazette, specify for this purpose, subject to such conditions as may be specified therein. (2) Where any sum referred to in sub-section (1) is credited to any account, whether called "suspense account" or by any other name, in the books of account of the person liable to pay such income, such credit of income shall be deemed to be the credit of such income to the account of the payee and the provisions of this section shall apply accordingly. (3) If any difficulty arises in giving effect to the provisions of this section, the Board may, with the previous approval of the Central Government, issue guidelines for the purpose of removing the difficulty. (4) Every guideline issued by the Board under sub-section (3) shall, as soon as may be after it is issued, be laid before each House of Parliament, and shall be binding on the income-tax authorities and the person liable to deduct tax. (5) The provisions of this section shall not apply to a transaction on which— (a) tax is deductible under any of the provisions of this Act; and (b) tax is collectible under the provisions of section 206C other than a transaction to which sub-section(1H) of section 206C applies. DISCLAIMER: This video and all other videos on this channel are merely a general guide meant for learning, training and information purposes only. All the instructions, references, content or documents are for educational and informational purposes only and do not constitute a legal advice or legal opinion. We do not accept any liabilities whatsoever for any losses caused directly or indirectly by the use/reliance of any information/content contained in this video and all other videos on this channel. Prior to acting upon this video or any other videos on this channel, it is suggested to seek advice of your financial, legal, tax or professional advisors.