Interplay of TDS & TCS provisions under the Income Tax Act

Finance Act, 2021 has introduced a new Section 194Q- Tax deduction at Source (TDS) against the sale of goods, which is proposed to be implemented w.e.f. 1st July’21. In addition to this, Section 206C (1H) mandates, Collection of Tax at Source (TCS) on the sale of goods.

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