The Finance Act, 2021, has introduced many new provisions regarding deduction or collection of tax at source. One of them is: Section 194Q - TDS on purchase of goods Applicable from 01.07.2021 As per section 194Q(1), any person, being a buyer who is responsible for paying any sum to any resident (hereafter in this section referred to as the seller) for purchase of any goods of the value or aggregate of such value exceeding fifty 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 thereof by any mode, whichever is earlier, deduct an amount equal to 0.1% of such sum exceeding fifty lakh rupees as income-tax . **Rate increases to 5% in case of seller not having PAN, as per section 206AA of the Income Tax Act, 1961. Explanation – For the purposes of this sub-section, “buyer” means a person whose total sales, gross receipts or turnover from the business carried on by him exceed ten crore rupees during...