In this video let's understand about section 194Q of Income Tax Act (with an example) in Telugu, which was one of the newly inserted section by budget 2021. It is a new tax for purchaser of goods which is effective from 1st July 2021 (194Q section Telugu).

Section 194Q of Income Tax Act deals with TDS on purchase of goods. When buyer procures goods worth more than Rs. 50 lakhs from any resident seller in any financial year, then sec 194Q will come into picture. Though the applicability of section 194Q is from 1st July 2021, for calculation of the threshold limit of Rs. 50 lakh entire year has to be considered.

This is one of the crucial income tax update in 2021 which will enhance the tax gamut of the income tax department.

📋 Topics Covered:
1. Applicability of Sec 194Q
2. Non-Applicability of Sec 194Q
3. Understanding sec 194Q with the help of flow chart
4. Practical understanding with an example

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⌚Timestamps:
00:00 Introduction
00:39 Applicability of Sec 194Q
04:04 Non-applicability of Sec 194Q
04:54 Infographic for easy understanding
06:50 Practical Understanding with example

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