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TDS applicable on buyer-seller transactions above Rs 50 lakh after July 1, 2021

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TDS applicable on buyer-seller transactions above Rs 50 lakh after July 1, 2021

The Central Board of Direct Taxes (CBDT) Wednesday clarified that buyers would need to deduct tax at source at 0.1% of amount exceeding Rs 50 lakh when paid or credited to a resident seller on transactions after July 1, 2021, under section 194Q of the income tax Act which comes into effect from July 1.

The Board has clarified that threshold of Rs 50 lakh for triggering TDS shall be computed from April 1, 2021 and GST component will have to be segregated at the time of credit. The Board has further clarified that if a transaction attracts TDS under both 194O, applicable on e-commerce operators, and 194Q of the Act, the deduction shall have to be made under 194O.

Further, where there is a clash between TDS and provisions of tax collected at source on sale of goods under 206C(1H), TDS provisions shall prevail. “Addressing the open issues, the circular is just in time and accords much needed clarity on the subject matter, as the compliance framework becomes effective tomorrow,” said Neha Malhotra, director at Nangia Andersen LLP. Section 194Q provides that every buyer who is responsible for paying any sum to a resident seller, for purchase of any goods of the value or aggregate of value exceeding Rs 50 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, whichever is earlier, deduct an amount equal to 0.1 % of such sum exceeding Rs 50 lakh as income tax.

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According to a circular issued by the Board Wednesday, buyer has been defined as a person whose total sales or gross receipts or turnover from the business carried on by him exceed Rs 10 crore during the financial year immediately preceding the financial year in which the purchase of good is carried out.

News Source : Economic Times

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Akshay Kumar wishes director Priyadarshan on birthday with Bhooth Bangla BTS pic: ‘Surrounded by ghosts…

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Akshay Kumar wishes director Priyadarshan on birthday with Bhooth Bangla BTS pic: ‘Surrounded by ghosts…

Akshay Kumar and Priyadarshan, the acclaimed Indian director, celebrated their 68th birthday on Instagram. Kumar, who has worked with Priyadarshan on several cult comedies of the early 2000s, wished him a happy birthday and called him a mentor. The duo is now back together for their upcoming horror-comedy, Bhooth Bangla.

The first poster of the movie has been released, and it is expected to hit theaters in 2025. Akshay Kumar wore a black fedora and a green jacket, layered over a black tee, and fans have expressed their excitement for their new movie.

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The duo’s dynamic and deep bonding have been praised by fans, who have expressed high anticipation for their new movie. The first poster of Bhooth Bangla has already been released, and the movie is expected to hit theaters in 2025.

Akshay Kumar, the versatile Bollywood actor, recently celebrated director Priyadarshan’s birthday by sharing a behind-the-scenes (BTS) photograph from their upcoming film, “Bhooth Bangla.” In the image, Akshay humorously captioned, “Surrounded by ghosts…” The photo features Akshay alongside Priyadarshan and co-actor Paresh Rawal, all dressed in traditional attire, with a black cat perched on Akshay’s shoulder, adding a whimsical touch to the scene.

Reunion After 14 Years

This collaboration marks a significant reunion between Akshay Kumar and Priyadarshan, who last worked together on the film “Bhool Bhulaiyaa” in 2007. Their partnership has been celebrated in the past for delivering successful comedies like “Hera Pheri” and “Garam Masala.” Fans have eagerly anticipated their return to the big screen together, and “Bhooth Bangla” promises to be a delightful addition to their repertoire.

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About ‘Bhooth Bangla’

“Bhooth Bangla” is a horror-comedy that blends elements of suspense with humor, a genre in which both Akshay Kumar and Priyadarshan have excelled. The film is produced by Balaji Telefilms Ltd in association with Cape of Good Films. The motion poster released earlier this year features Akshay Kumar in a suit, with a cat on his shoulder, licking milk slyly, setting the tone for the film’s intriguing and humorous premise.

instantbollywood.com

Anticipation and Fan Reactions

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The BTS photo shared by Akshay Kumar has generated excitement among fans, who are eager to see the trio back together on screen. The playful caption and the presence of the black cat suggest that “Bhooth Bangla” will offer a mix of thrills and laughs, staying true to the successful formula of their previous collaborations.

As the release date for “Bhooth Bangla be a significant highlight in the upcoming entertainment lineup. The reunion of Akshay Kumar, Priyadarshan, and Paresh Rawal, combined with the intriguing premise and the playful BTS moments, has set high expectations among audiences. Fans can look forward to a cinematic experience that promises both chills and chuckles.

For a visual glimpse into the making of “Bhooth Bangla,” you can watch the following video Akshay Kumar expressed his gratitude as they once again united for their upcoming movie Bhooth Bangla. This marks a new chapter in their long-standing collaboration since the 2000s. He shared a picture from behind the scenes of their new movie, where it seems like they are laughing about something.

Akshay wrote,”Happy Birthday, Priyan Sir! What better way to celebrate than by spending the day on a haunted set, surrounded by ghosts…both real and unpaid extras? Thank you for being a mentor, and the only person who can make chaos look like a masterpiece. May your day be filled with fewer retakes. Wishing you a fantastic year ahead!”

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