Reduction in compliance burden by omission of TCS on sale of specified goods

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..... receives consideration for sale of any goods of the value or aggregate of value exceeding Rs 50 lakhs in any previous year, to collect tax from the buyer at the rate of 0.1% of the sale consideration exceeding Rs 50 lakhs, subject to certain conditions. 2. Section 194Q of the Act, requires any person being a buyer, to deduct tax at the rate of 0.1%, on payment made to a resident seller, for the p .....

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..... 5. Therefore, to facilitate ease of doing business and reduce compliance burden on the taxpayers, it is proposed that provisions of sub-section (1H) of section 206C of the Act will not be applicable from the 1st day of April, 2025. 6. These amendments will take effect from the 1st day of April 2025. [Clauses 64 & 67] Full Text: Union Budget 2025-26 (Full) + Finance Bill, 2025
TMI Short N .....

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