ADVOCATE VISHAL JOSHI

  TDS on Purchase & TCS on Sale explained with charts and Tally Entry TDS on Purchase & TCS on Sale explained with charts and Tally Entry Understanding Compliance: From Seller Side 1 If Sale Receipts Above 50 lakh If Buyer is not liable to Deduct TDS u/s 194Q then TCS u/s 206C(1H) @ 0.1 % on Receipts Above 50 lakh If Buyer is liable to Deduct TDS under any other provision of this Act and has deducted such amount then No TCS u/s 206C(1H) If Buyer is liable to Deduct TDS under any other provision of this Act and has not deducted such amount then TCS u/s 206C(1H) @ 0.1 % on Receipts Above 50 lakh 2 If Sale Receipts upto 50 lakh No TCS u/s 206(1H) 1 TDS on Purchase & TCS on Sale explained with charts and Tally Entry From Buyer Side 1 If Purchase Value Above 50 lakh Deduction TDS u/s 194Q @ 0.1 % on Value Above 50 lakh 2 If Purchase Value upto 50 lakh No TDS u/s 194Q but TCS u/s 206(1H) may be applicable if aggregate payment (Including last year due) exceed 50 lakh during the ye

  Calcutta HC restrains TDS deduction under Section 194N Calcutta High Court passes landmark interim order in petition challenging constitutional validity of section 194N of the Income Tax Act, 1961 which mandates the deduction of tax at source at the rate of 2% on cash withdrawals from banking company .  Petitioner submits that Section 194N of the said Act is beyond the legislative competence of the Parliament and Entry 82 of List I of Schedule VII to the Constitution allows the Parliament to enact laws for and levy of tax on “income” and the Parliament cannot legislate a provision stipulating the deduction of tax at source from an amount which is admittedly not income and such legislation would be beyond the legislative competence of the Parliament under Entry 82 of List I of Schedule VII of the Constitution imposition, collection . Petitioner has also relied on several unreported decisions of the Hon’ble Kerala High Court involving the same issue and one of which is order dated 13th