Understanding New Section 194Q : TDS on Purchase of Goods w.e.f. 01-07-2021

W.e.f. 01-07-2021, Section 194Q,  an important provision of the Income Tax Act, 1961 is getting applicable.

Under this section, TDS is required to be deducted on the purchase of Goods from certain vendors.

Please see the chart below to get a better understanding of this section.