What is Section 194Q of the Income Tax Act?

Section 194Q of the Income Tax Act is recently introduced vide the Finance Act, 2021. Under section 194Q “It is provided for TDS by the person responsible for paying any sum to any resident for purchase of goods. The rate of TDS is kept very low at 0.1%.




Location: Kerala, India

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What is presumptive taxation under the Income Tax Act?

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Presumptive taxation is a method of offering the profits on a presumptive basis rather than the actual basis. Under presumptive taxation, you can offer a specific percentage or fixed amount as income despite offering the actual income. For example if your Sales is 1 crore, you may offer 6% of the sales that is Rs.6 lakhs and pay tax based on that instead of offering the actual profits which may be higher say 30 lakhs.  Certain conditions are applicable for one to be eligible to opt for presumptive taxation which are detailed in sections 44 AD, 44 ADA and 44 AE. For Company Registration in Kerala and Business Registration in Kerala , visit parpella.com
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