In this video , we have discussed the concept of Tds vs Tcs on purchase/sale of goods along with the Practical approach that can be followed to remain compliant. Section 194Q is Tds on purchase of goods Section 206(1H) is Tcs on sale of goods. ======================================
The Finance Act 2020 inserted Sub Section (1H) in Section 206C to provide for tax collection by a seller from the amount received as consideration for the sale of goods if it exceeds Rs. 50.00 Lacs in any previous year. On the Similar lines the Finance Act 2021 inserted a new section 194Q to provide tax deduction by a buyer from the purchase of goods. Section 194Q is made applicable w.e.f. 01.07.2021.
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TDS under Section 194Q An Analysis
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tds on purchase of goods under section 194qtds on purchase of goods under section 194q in tally primetds under section 194qtds u/s 194qtds sec 194qtds on purchase of goods under gsttds on purchase of goods above 50 lakhssection 194q of income tax actsection 194q tds on purchase of goodssection 194q vs 206c(1h)section 206c(1h) tcs on sale of goodssection 206c(1h) of income tax act
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