Please Help: newly introduced 1%tds on cash purchase
Posted Date : 08-Jun-2016 , 03:24:38 pm | Posted By casanjayjuneja
whether new introduced 1% tds is also applicable on business purchase transactions or it is applicable only to transaction of purchase made by ultimate consumer for consumption
Category : Income Tax | Answers : 0 | Comments : 2 | Hits : 863
Answers
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vinit kumar jain
10-Jun-2016 , 11:20:17 amKindly go through the provisions of Sec 206C thoroughly. the same is applicable for business purchase transactions. Sec 206C relating to tax collection at source TCS and is applicable in respect of sale of specified goods.
Ankit Jain
17-Jun-2016 , 07:06:47 pmTCS on purchase of Goods / Services u/s 206C(1D) on on both Personal consumption and business transaction. However if TDS is deducted on payment, TCS is not applicable.