Income Tax: To facilitate ease of doing business and reduce compliance burden, it is proposed to amend...

Income Tax: To facilitate ease of doing business and reduce compliance burden, it is proposed to amend section 197 to bring section 194Q (tax deduction on purchase of goods exceeding Rs. 50 lakh) within its scope for obtaining lower deduction certificate. Similarly, section 206C(9) is proposed to be amended to bring section 206C(1H) (tax collection on sale of goods exceeding Rs. 50 lakh) within its ambit for obtaining lower collection certificate. The amendments will take effect from October 1, 2024. .....

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