Circular on guidelines under sub-sec (4) of Sec 194-O, sub-sec (3) of sec 194Q and sub-sec (1-I) of sec 206C of Income-tax Act, 1961(25.11.2021) – CBDT.
View PdfCircular on guidelines under sub-sec (4) of Sec 194-O, sub-sec (3) of sec 194Q and sub-sec (1-I) of sec 206C of Income-tax Act, 1961(25.11.2021) – CBDT.
- Finance Act, 2020 inserted a new section 194-0 in the Income-tax Act 196 1 (hereinafter referred to as ” the Act”) which mandates that with effect from 1st day of October, 2020, an e-commerce operator shall deduct income-tax at the rate of one per cent of the gross amount of sale of goods or provision of services or both, facilitated through its digital or electronic facility or platform. However, exemption from the said deduct ion has been provided in case of certain individual s or Hindu undivided family subject to fulfilment of specified conditions. This deduct ion is required to be made at the time of cred it of the amount of such sale or service or both to the account of an e-commerce participant or at the time of payment thereof to such e-commerce participant, whichever is earlier; for further details refer attachment.
