INCOME TAX TDS ON GOODS SECTION: 393(1) SI.NO. 8(ii)

[Hithik]

AS PER NEW SECTION FOR TDS ON PURCHASE OF GOODS, IS THE DEFINATION OF BUYER HAS BEEN DEFINED YET OR ANY CLARIFICATION BY CBDT IN THIS REGARD.?, AS A NEW COMPANY INCORPORATED IN CURRENT FINANCIAL YEAR HAVING PURCHASES OF FIXED ASSETS >50LACS WOULD TDS BE APPLICABLE CONSIDERING WIDE SCOPE OF 'BUYER'?

AI Summary

TDS on purchase of goods raises questions on buyer definition and applicability to newly incorporated companies acquiring fixed assets. TDS on purchase of goods is queried regarding the scope of the statutory definition of 'buyer' under a newly introduced provision. The question concerns whether a company incorporated during the current financial year making substantial purchases of fixed assets is subject to the TDS obligation, and whether clarification on the definition or its application has been issued. No answer or legal conclusion is provided.