Section 194Q under income tax act mandates TDS at 0.1% on taxable value for buyers with turnover over 5 Cr, while sellers must charge TCS at 0.1%. Section 194Q of the income tax act requires buyers with turnover exceeding 5 Cr to deduct TDS at 0.1% on taxable value. If the turnover of the buyer is not more than 5 Cr, the seller has to charge TCS at 0.1% over the payable value. TDS and TCS rates are both set at 0.1% under this section. Compliance with Section 194Q is essentia...

Goods and services covered under RCM include specified categories like transportation services, insurance services, and goods purchased from unregistered dealers. Transportation services Insurance services Goods purchased from unregistered dealers

Accrued income is recorded as a debit in the balance sheet under current assets to reflect revenue earned but not yet received. Accrued income represents revenue that has been earned but not yet received. Debiting accrued income in the balance sheet under current assets increases the company's assets and reflects the amount of revenue that is owed. This adjusting journal entry ensures that the company's financial statements accurately reflect the revenue earned during the ac...

Section 194Q is a TDS provision on payment made to resident for purchase of goods Section 194Q mandates deduction of TDS at 0.1% on purchase of goods exceeding Rs. 50 lakhs in a financial year It applies to buyers whose turnover exceeds Rs. 10 crores in the preceding financial year The TDS deducted under section 194Q needs to be deposited with the government and a TDS certificate must be issued to the seller It is applicable from 1st July 2021

Input GST on goods can be claimed by ensuring proper documentation and compliance with GST regulations. Ensure that the goods are eligible for GST input credit Maintain proper invoices and receipts for the goods purchased File GST returns accurately to claim input credit Follow GST regulations and guidelines for claiming input credit