New TDS and TCS provisions – effective from 1st October 2020

In order to widen and deepen the tax net, the Indian government is committed to taking initiatives. In this regard major amendments introduced by the Finance Act 2020 is insertion of sub-section (1G) and (1H) in section 206C and also introduction of 194-O in the Income tax Act, 1961 (‘the Act’). These amendments are applicable from 1st October 2020.

Hope this is timely and useful.

 

For the detailed analysis please refer the attached file. TCS Note for news alert

 

For the FAQs on TCS on sale of goods, please refer the attached file. Annexure-TCS on sales