FAQs on TDS or TCS on sale or purchase of goods

Chapters / List

1. What is Section 194Q of the Income-tax Act?

   ---

2. Who is required to deduct tax at source under section 194Q?

   ---

3. What is the threshold limit for the deduction of tax under section 194Q?

   ---

4. When is a tax required to be deducted under section 194Q?

   ---

5. What is the rate of tax deduction under section 194Q?

   ---

6. Whether the provision of section 194Q apply where the buyer is a non-resident?

   ---

7. Whether the provision of section 194Q applies where a seller is a person whose income is exempted from income tax?

   ---

8. What would be the rate of TDS under section 194Q if seller does not furnish his PAN to the buyer?

   ---

9. What would be the rate of TDS under section 194Q if seller is a non-filer of the Income-tax return?

   ---

10. What will be the rate of TDS under section 194Q if the seller is a non-filer of income-tax return and also doesn't furnish his PAN?

    ---

11. How to deduct tax at source if a a transaction falls under Section 194Q as well as Section 194-O?

    ---

12. Whether the provision of section 194Q is applied where a transaction is carried through recognised stock exchanges?

    ---

13. What is the treatment of GST and other state levies & taxes while deducting tax under section 194Q?

    ---

14. What is the treatment of purchase returns while deducting tax under section 194Q?

    ---

15. What is Section 206C(1H) of the Income-tax Act?

    ---

16. Who is responsible for collecting tax under section 206C(1H)?

    ---

17. What is the rate at which tax is collectible under section 206C(1H)?

    ---

18. What is the threshold limit for the collection of tax under section 206C(1H)?

    ---

19. When is a tax required to be collected under section 206C(1H)?

    ---

20. What is the consequence if the buyer does not furnish his PAN to the seller?

    ---

21. What will be the rate of TCS under section 206C(1H) if buyer is a non-filer of income-tax return?

    ---

22. What will be the rate of TCS if both Section 206CC and Section 206CCA are applicable?

    ---

23. How to deal with a transaction which is covered both under section 194Q as well as section 206C(1H)?

    ---

24. How to deal with a transaction which is covered both under section 194-O as well as section 206C(1H)?

    ---

25. Whether tax is collectible under section 206C(1H) if goods are exported out of India?

    ---

26. Whether TCS provision of section 206C(1H) applies if buyer is a person whose income is exempted from income tax?

    ---