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CIRCULAR DATED 30TH JUNE 2021 FOR THE GUIDELINES UNDER SECTION 194Q OF THE INCOME-TAX ACT, 1961

Updated on:30th Jun, 2021
It has come into effect from 1st of July 2021. It applies to any buyer who is responsible for paying any sum to any resident seller for purchase of any goods of the value or aggregate of value exceeding fifty lakh rupees in any previous year. Central Government has been authorised to specify by notification in the Official Gazette, person who would not be considered as buyer for the purposes of this section.
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