Cash Transaction Limit For F.Y. 2024-25 | Income Tax Act, 1961
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TDS On Purchase Of Goods Exceeding 50 Lakhs | 194Q Of Income Tax Act
Applicability: a person, being a buyer who is liable for paying any sum to any seller (being a resident) for purchase of any goods (including capital goods), where the worth or aggregate of such values, exceeds ₹50 lakhs in any fiscal year, shall deduct TDS. Effective from 1st July 2021.
Applicability Of 194Q In India
The Central Board of Direct Taxes ( CBDT) has issued a new Section 194Q under The Income Tax Act, 1961. effective from 1st July 2024, the buyer to deduct TDS on the purchase of goods from the resident seller under The Finance Act, 2024.
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