DID you KNOW? W.E.F. 1ST JULY, 2021:- STRINGENT PROVISIONS UNDER THE INCOME TAX ACT, 1961
DID you KNOW? W.E.F. 1ST JULY, 2021 :- STRINGENT PROVISIONS UNDER THE INCOME TAX ACT, 1961 The Finance Act, 2021 introduced following stringent provisions under Income Tax Act, applicable from 1 st of July, 2021. 1. TDS ON PURCHASE OF GOODS [SECTION 194Q] (We can check out difference between corresponding section 206C(1H) - W.E.F 01 st -Oct-2020) 2. TDS FOR NON-FILERS OF INCOME TAX RETURNS [SECTION 206AB] (Refer already discussed, you may refer my earlier article or you can provide your email ID in comment section, I will provide you above section in detail understanding) 3. TCS FOR NON-FILERS OF INCOME TAX RETURNS [SECTION 206CCA] (We will discuss later on) Now, in this article we can discuss only provision of section 194Q in details and Comparatives between Section 194Q vs 206C (1H) along with practical examples. TDS ON PURCHASE OF GOODS [SECTION 194Q] An...
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