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of <h1>Buyers must deduct 0.1% tax on goods payments over 50 lakh if turnover exceeds 10 crore. Effective July 2021.</h1> Section 194Q of the Income-tax Act, effective from July 1, 2021, mandates that buyers deduct 0.1% tax at source on payments exceeding fifty lakh rupees for goods purchased from residents. This applies if the buyer's turnover exceeds ten crore rupees in the preceding financial year. If credited to any account, the sum is deemed credited to the payee's account. The Board may issue guidelines to address implementation difficulties, which must be presented to Parliament and are binding. The section does not apply to transactions where tax is already deductible or collectible under other provisions, except for certain cases under section 206C.
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