TDS and TCS

• Understanding New Section 194Q : TDS on Purchase of Goods w.e.f. 01-07-2021

  W.e.f. 01-07-2021, Section 194Q,  an important provision of the Income Tax Act, 1961 is getting applicable. Under this section, TDS is required to be deducted on the purchase of Goods from certain vendors.Please see the char...

• Declaration under 206AB and 206CCA of Income Tax Act

  W.e.f. 01-07-2021, if you are deducting TDS or collecting TCS from any person, you need to check the following steps for determining the correct rate of deduction.1.  Check whether the said party has filed income tax return for the last ...