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As per Section 194Q, a buyer is supposed to deduct 0.1% TDS on the purchase of goods from a resident seller, the value of which exceeds Rs. 50 lakhs in any PY.
To give relief to small taxpayers from this tedious work, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, 44ADA, and 44AE.
Start-up means an entity, incorporated or registered in India not prior to ten years, with annual turnover not exceeding INR 100 crore in any preceding financial year, working towards innovation, development, deployment or commercialisation of new products processes or services driven by technology or intellectual property.
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
O P Bagla & Co LLP
New Delhi
CA Inter
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