WebJun 25, 2024 · Section 194 Q If a purchaser has his Sales, turnover, and Gross receipts in the Preceding Financial Year more than Rs. 10 Crore then he has to deduct 0.1% TDS on his purchases from a vendor in Excess of Rs. 50 Lakhs in a financial year. – It will be applicable from 1st. July 2024. AND WebJun 16, 2024 · The tax shall be deducted under Section 194Q by a buyer carrying on a business whose total sales, gross receipts or turnover from the business exceeds Rs. 10 crores during the financial year immediately preceding the financial year in which such goods are purchased. This provision shall be applicable from 01-07-2024.
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WebApr 10, 2024 · The provisions contained in Section 194-I of the Income Tax Act, 1961 define how one should deduct TDS on rent. Section 194I imposes an obligation for TDS … WebJul 5, 2024 · Much ado about digital tax 27 Jul 2024. Understanding natural justice vis-à-vis useless formality theory 16 Jun 2024. Analysis of Family Settlement aka Family … isle of man driving licence renewal
FAQs TDS on Purchases (Section 194Q) - India Financial …
WebHello Connections, The Income Tax Dept. Announced TDS rates applicable for AY 2024-25. #tds #tax #rates #announcement #incometax #tdsindia WebSection 194Q:Payment for purchase of goods of the aggregate value exceeding Rs. 50 lakhs Note: TDS is deductible on sum exceeding Rs. 50 lakhs 0.1 Section 194R:Deduction of tax in case any benefit or perquisite is provided and aggregate value of such benefit/perquisite exceeds Rs. 20,000 WebApr 4, 2024 · The TDS applicable will be twice the regular rate or 5% whichever is higher; To check the applicability of this section, a declaration has to be taken from all the vendors/ service providers other than non- residents. Format of the declaration is attached herewith Annexure 1 Declaration – 206AB of IT Act. 2. Section 194Q Applicability: isle of man earthquake