Connect with us

India Hot Topics

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

Published

on

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.

Advertisement

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

Advertisement
Continue Reading

Waqf row

Waqf row: Can’t stay law made by Parliament when validity presumed, Centre tells SC

Published

on

By

Waqf row: Can’t stay law made by Parliament when validity presumed, Centre tells SC

The Centre has sought the Supreme Court to dismiss pleas challenging the validity of the Waqf Act, 2025, stating that there cannot be a “blanket stay” on the law due to a “presumption of its constitutionality.” The government defended the law, claiming that after 2013, there were over 20 lakh hectares of waqf land added. The affidavit also claimed misuse of earlier provisions to.

The Supreme Court of India has dismissed a petition filed by NGO Abhinav Bharat Congress, which sought the apex court’s powers under Article 142 of the Indian Constitution to be granted to the high courts. The Supreme Court has previously exercised its power under Article 142 in the case brought by the Tamil Nadu government against state governor RN Ravi

Advertisement

The Supreme Court has stated that the amendments were undertaken after a comprehensive, in-depth and analytical study by a parliamentary panel having members from major political parties. The government has acted within its domain to ensure that religious endowments like waqf are managed in a manner that upholds the trust reposed in them by the faithful society.

A bench headed by Chief Justice Sanjiv Khanna is slated to hear the matter on May 5 on passing of interim orders. The Supreme Court has also rejected a plea seeking Article 142 powers for high courts, which requires an amendment to the Constitution. The court has encroach upon private and government properties. stated that the power conferred under Article 142 of the Constitution is only on this court and not the high courts.

At large, without trespassing on religious autonomy. The law, the Centre said, was valid and result of a lawful exercise of legislative power ​In a significant legal development, the Indian government has urged the Supreme Court to dismiss petitions challenging the constitutional validity of the Waqf (Amendment) Act, 2025. The Centre emphasized that laws enacted by.

Parliament carry a presumption of constitutionality and should not be subjected to a blanket stay without thorough judicial scrutiny The government’s stance was articulated in a comprehensive 1,332-page preliminary counter-affidavit filed by the Ministry of Minority Affairs. The affidavit defended the amendments as a lawful exercise of legislative power.

Advertisement

A central point of contention in the petitions is the inclusion of non-Muslim members in Waqf Boards and the provision concerning ‘waqf by user’. The Centre argued that the inclusion of up to two non-Muslim members among the 22 members of the Waqf Council and Auqaf Boards is a measure of inclusiveness and does not intrude upon the administration of waqfs asserting.

The Supreme Court, while refraining from granting an interim stay on the Act, has directed the Centre to maintain the status quo. This includes halting new appointments to Waqf Boards and refraining from altering the character of waqf properties, including those registered under ‘waqf by user’, until the next hearing scheduled for May 5 that Parliament acted within its.

The court’s interim order underscores the need for a balanced approach, acknowledging the presumption of constitutionality of parliamentary laws while ensuring that the rights and concerns of all stakeholders are adequately addressed. As the legal proceedings continue, the Supreme Court’s final verdict will have significant implications for the administration of waqf.

Properties and the broader discourse on religious endowments in India domain to ensure the proper management of religious endowments like waqf In response to multiple petitions challenging the constitutional validity of the Waqf (Amendment) Act, 2023, the told the Supreme Court that a law passed by Parliament cannot be stayed merely because its.

Advertisement
  • Group Media Publication
  1. Construction, Infrastructure and Mining   
  2. General News Platforms – IHTLive.com
  3. Entertainment News Platforms – https://anyflix.in/

Continue Reading
Anyskill-ads

Facebook

Trending