Get the free taxguru.inincome-taxsection-194q-tds-purchaseSection 194Q: TDS on purchase of goodsA...
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TDS on purchase of goods u/s.194Q of Income Tax Act 1961 w.e.f. 1st July 2021 New Income Tax TDS Section 194QTDS on purchase of goods is effective from 01.07.02021, wherein few consumers are liable
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How to fill out taxguruinincome-taxsection-194q-tds-purchasesection 194q tds on
How to fill out taxguruinincome-taxsection-194q-tds-purchasesection 194q tds on
01
To fill out taxguruinincome-taxsection-194q-tds-purchasesection 194q tds on, follow these steps:
02
Begin by entering your personal information, such as name, PAN card number, and contact details.
03
Provide details about the seller from whom you made the purchase, including their name, address, and PAN card number.
04
Enter the date of the transaction and the invoice or bill number related to the purchase.
05
Specify the nature of the purchase and the total amount paid to the seller for the goods or services.
06
Calculate the TDS amount as per the prevailing tax rates for section 194Q.
07
Deduct the TDS amount from the total payment made and enter the net amount paid to the seller.
08
Finally, submit the form and keep a copy for your records.
Who needs taxguruinincome-taxsection-194q-tds-purchasesection 194q tds on?
01
Taxguruinincome-taxsection-194q-tds-purchasesection 194q TDS on applies to any person, other than an individual or a Hindu Undivided Family (HUF), who is responsible for making a payment to a resident seller for the purchase of goods.
02
The buyer or purchaser, who is liable to deduct tax at source, needs to comply with section 194Q of the Income Tax Act.
03
This provision is applicable if the total value of purchases or aggregate of purchases made during the financial year exceeds Rs. 50 lakhs.
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What is taxguruinincome-taxsection-194q-tds-purchasesection 194q tds on?
Section 194Q of the Income Tax Act deals with TDS on purchase of goods.
Who is required to file taxguruinincome-taxsection-194q-tds-purchasesection 194q tds on?
Any person or entity buying goods in excess of Rs. 50 lakhs in a financial year is required to deduct TDS under section 194Q.
How to fill out taxguruinincome-taxsection-194q-tds-purchasesection 194q tds on?
To fill out TDS under section 194Q, the deductor needs to mention details like PAN, amount of purchase, rate of TDS, etc. in the TDS return form.
What is the purpose of taxguruinincome-taxsection-194q-tds-purchasesection 194q tds on?
The purpose of section 194Q TDS is to ensure that TDS is deducted by the buyer at the time of making payment to the seller for purchase of goods.
What information must be reported on taxguruinincome-taxsection-194q-tds-purchasesection 194q tds on?
The information to be reported includes PAN of the seller, amount of purchase, rate of TDS deducted, TDS certificate details, etc.
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