MRink - Finance and Income Tax

On 20th May 2021 the CBDT vide its circular no. 09/2021 has extended various due dates for compliance under Income tax Act for the Financial Year 2020-21 (Assessment Year 2021-22), whereby among others, due dates for TDS return filing and SFT reporting have also been extended from 31st May 2021 to 30th June 2021.   Below is the link to download the press release in this regard: Press release_income tax Also, the copy of circular is provided hereunder for reference:

   In the Finance Act 2021, the New Section 194Q has been inserted which reads as under: - '194Q. (1) Any person, being a buyer who is responsible for paying any sum to any resident (hereafter in this section referred to as the seller) for purchase of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, shall, at the time of credit of such sum to the account of the seller or at the time of payment thereof by any mode, whichever is earlier, deduct an amount equal to 0.1 per cent of such sum exceeding fifty lakh rupees as income-tax.  Explanation: For the purposes of this sub-section, "buyer" means a person whose total sales, gross receipts or turnover from the business carried on by him exceed Rs. 10 crores during the financial year immediately preceding the financial year in which the purchase of goods is carried out, not being a person, as the Central Government may, by notification in the Official Gazette, specify for t