Central Board of Direct Taxes (CBDT) Wednesday clarified that buyers would have to deduct the source tax. 0.1 per cent of Rs 50 lax When paid or credited to a resident seller on transactions after 1 July 2021, section 194Q of the Income Tax Act, which enters into force on 1 July.
CBD Clarified that the threshold Rs 50 lax for the triggering of TDS would be calculated from 1 April 2021 and that the GST component should be divided during credit.
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