Ajsh Co. LLP

Under this blog, we are going to understand a new section inserted by the government to cover the transactions of purchase of goods under the purview of TDS provisions. This article covers the briefing of Section 194Q, its applicability, transactions covered under, rates and important due dates, other important points, and relative practical examples. The government inserted Section 194Q to the Income Tax Act, 1961 in the Finance Act of 2021, and becomes applicable from July 1, 2021. The government’s motive in enacting this law is to check on and create a trail of high-value sales and purchases of goods. There are several other provisions of various sections under the Act that talk ab about the deduction of tax at source on various transactions; however, the deduction of tax on the sale of goods has been made applicable by introducing Section 194Q into the Income Tax Act, 1961.
https://ajsh.in/section-194q-tds-on-the-purchase-of-goods/