FAQs ON NEW TDS PROVISIONS INTRODUCED IN FINANCE ACT 2021

FAQs ON NEW TDS PROVISIONS INTRODUCED IN FINANCE ACT 2021 A new section 194Q has been introduced in Finance Act 2021 where a buyer, who is responsible for paying any sum to any resident with respect to purchase of any goods aggregate value of which if exceeds ₹ 50,00,000/- in the previous year, shall be liable to deduct TDS @ 0.1%/5% as the case may be. Certain relevant queries in connection with the same have been dealt with below: – Q1. What is the % of TDS that needs to be deducted? Ans: TDS needs to be deducted @ 0.1%...