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. It will be effective on any buyers who are responsible for paying An amount to resident sellers for the purchase of any goods of value exceeding or equivalent to fifty lakh rupees in any previous year. The buyer during crediting such amount to the account of the seller, or at the time of payment, whichever is earlier, is to deduct an amount equal to 0.10% as income tax when the sum of the amount is more than fifty lakh rupees. https://taxsevakendra.in/blog-details-1.php