Minister of Finance, Smt. Nirmala Sitharaman presented the Budget 2022 on 1st February 2022. At the very outset, she mentioned that India’s economic growth in the current year is estimated to be 9.2 per cent, highest among all large economies.
Continue reading “Budget 2022: Key Takeaways”Major change in TDS provisions w.e.f 01st July’2021 – Section 206AB
Finance Act 2021 introduced section 206AB to the Income Tax Act which has major implications on existing TDS provisions and rates. The idea behind this provision is to extract Tax at source from persons who are not filing their IT Returns, thereby making the businesses more responsible towards filing their returns regularly.
Continue reading “Major change in TDS provisions w.e.f 01st July’2021 – Section 206AB”New Section 194Q – TDS on Purchase of Goods
In the Budget for FY 2021-22, a new section 194Q has been introduced which is related to payment of certain sum for purchase of goods.
As per this section, any person, being a buyer who is responsible for paying any sum to any resident for purchase of any goods of the value or aggregate of such value exceeding INR 50 lakhs in any previous year, shall, deduct TDS @0.1% on the total value of the transaction.
Continue reading “New Section 194Q – TDS on Purchase of Goods”