TAX ADVISOR - YOUR OWN TAX GUIDE

As per provisions of  section 194Q of the Income Tax Act , TDS is deductible if- ·          The buyer is responsible for making payment of a sum to the resident seller; and ·          Such payment is to be done for the purchase of goods of the value/ aggregate of the value exceeding INR 50 Lakhs. Explanation of the term ‘buyer’- As per explanation to  section 194Q , the term ‘buyer’ means as under- ·          A person having total sales/ gross receipts/ turnover exceeding INR 10 Crores in the immediately preceding Financial Year in which the specified purchase of goods took place; ·          Buyer will not include anyperson notified by the Central Government.   Time of tax deduction on the purchase of goods under Section 194Q TDS on purchase of goods is to be deducted by the buyer within earl...

Following are the upcoming deadlines of August 2021:-    7 August 2021 - The due date for deposit of Tax deducted/collected for the month of July 2021. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan 14 August 2021 - The due date for issue of TDS Certificate for tax deducted under  section 194-IA  in the month of June 2021 14 August 2021 - The due date for issue of TDS Certificate for tax deducted under  section 194-IB  in the month of June 2021 14 August 2021 - The due date for issue of TDS Certificate for tax deducted under  section 194M  in the month of June 2021 15 August 2021 - The due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of July 2021 has been paid without the production of a challan 15 August 2021 - The due date for furnishing statement in ...