TDS on purchase of goods (Section 194Q)
Provides for deduction of TDS by a person
1. whose turnover exceeds Rs. 10 crores
2. paying any sum to any resident for purchase of any goods of the value exceeding Rs. 50 lakhs in any previous year.
3. TDS at the rate of 0.1%,
4. 5%, if the seller does not provide his PAN.
Non-filer shall be subject to TDS/TCS at higher rates:
The Finance Bill proposes to insert Section 206AB and Section 206CCA to provide for deduction and collection of TDS and TCS at higher rates in case of non-filers of the income tax return. The rate of TDS/TCS shall be at double of the specified rate or 5%, whichever is higher. These provisions shall not be applicable where the tax is required to be deducted under sections 192, 192A, 194B, 194BB, 194LBC or 194N of the Act.