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0.1% TDS on transactions above Rs 50L purchase from July 1.
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.
Posted on 15 Sep 2024, this text provides information on General related to Entrepreneurs. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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