With effect from July 1, 2021, a person will have to pay TDS/TCS at a higher TDS/TCS rate if he/she has not filed Income Tax Returns for the last two years and has aggregate TDS/TCS credit of Rs. 50,000 or more in each of the two years.
The intention of section 194Q is to widen and deepen the tax base. In order to do the same, it is proposed to levy a TDS of 0.1% on purchase transactions exceeding Rs. 50 lakhs in a year.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"