1.0AKT Associateshttps://aktassociates.com/blogCA Arun Tiwarihttps://aktassociates.com/blog/author/arunsir/Section 194Q Demystified: Your Tax Guiderich600338<blockquote class="wp-embedded-content" data-secret="w4yYUsPl2v"><a href="https://aktassociates.com/blog/section-194q-demystified-your-tax-guide/">Section 194Q Demystified: Your Tax Guide</a></blockquote><iframe sandbox="allow-scripts" security="restricted" src="https://aktassociates.com/blog/section-194q-demystified-your-tax-guide/embed/#?secret=w4yYUsPl2v" width="600" height="338" title="“Section 194Q Demystified: Your Tax Guide” — AKT Associates" data-secret="w4yYUsPl2v" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe><script>
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https://aktassociates.com/blog/wp-content/uploads/2023/07/Section-194Q-Demystified.png500300Section 194Q is a tax deduction at source (TDS) provision introduced in the Income Tax Act to widen the tax net and improve tax collection. It requires buyers with total sales exceeding Rs. 10 crore to deduct TDS on certain transactions when making payments to sellers. The provision covers purchases of goods and applies to both resident and non-resident sellers, excluding goods for personal use. TDS is deducted at 0.1% on the amount exceeding Rs. 50 lakhs. There are exemptions and exceptions, and buyers must obtain a TAN, calculate TDS accurately, and file returns on time to comply with Section 194Q. Non-compliance can lead to penalties and interest, making it crucial for taxpayers to stay informed and seek professional guidance for tax compliance.