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of <h1>CBDT Issues Guidelines for Section 194Q: 0.1% Tax Deduction by Buyers with Over Rs. 10 Crore Turnover.</h1> The circular issued by the Central Board of Direct Taxes provides guidelines on the implementation of Section 194Q of the Income-tax Act, 1961, effective from July 1, 2021. This section mandates a buyer, with a turnover exceeding Rs. 10 crore in the previous financial year, to deduct 0.1% tax on payments exceeding Rs. 50 lakh to a resident seller. Exemptions include transactions through recognized exchanges and non-resident buyers without a permanent establishment in India. Clarifications are provided on the calculation of thresholds, treatment of GST, purchase returns, and cross-application with Sections 194-O and 206C. The guidelines also specify that the provisions do not apply to exempt entities or in the year of incorporation.
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