(b) Discuss the liability of tax deduction at source under the Income-tax Act, 1961 in respect...

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(b) Discuss the liability of tax deduction at source under the Income-tax Act, 1961 in respect of the following cases with reference to A.Y. 2023-24. (1) ABC a partnership firm is selling its product 'R' through the E-commerce Platform provided by XYZ Ltd. (E-commerce Operator). XYZ Ltd., credited in its books of account, the account of ABC on 28th February, 2023 by sum of 4,90,000 for the sale of product R, made during the month February, 2023. Mr. Ramesh, who purchased product 'R' through the platform provided by XYZ Ltd. made payment of 60,000 directly to ABC on 21st February, 2023. (1) ABC Ltd. is a producer of natural gas. During the year, it sold natural gas worth 26,50,000 to M/s XYZ Co., a partnership firm. It also incurred 1,70,000 as freight for the transportation of gas. The ownership of the gas is simultaneously transferred by ABC Ltd. with transportation. It raised the invoice and clearly segregated the value of gas as well as the transportation charges. (ii) Design LLP paid job charges to ABC, a partnership firm for doing embroidery work on the fabric supplied by the Design LLP during the previous year 2022-23 as under. Amount () 27,000 25,000 28,000 32,000 Bill No. 1 57 105 151 Date 30.4.2022 30.6.2022 30.09.2022 30.12.2022 (6 Marks) (b) Discuss the liability of tax deduction at source under the Income-tax Act, 1961 in respect of the following cases with reference to A.Y. 2023-24. (1) ABC a partnership firm is selling its product 'R' through the E-commerce Platform provided by XYZ Ltd. (E-commerce Operator). XYZ Ltd., credited in its books of account, the account of ABC on 28th February, 2023 by sum of 4,90,000 for the sale of product R, made during the month February, 2023. Mr. Ramesh, who purchased product 'R' through the platform provided by XYZ Ltd. made payment of 60,000 directly to ABC on 21st February, 2023. (1) ABC Ltd. is a producer of natural gas. During the year, it sold natural gas worth 26,50,000 to M/s XYZ Co., a partnership firm. It also incurred 1,70,000 as freight for the transportation of gas. The ownership of the gas is simultaneously transferred by ABC Ltd. with transportation. It raised the invoice and clearly segregated the value of gas as well as the transportation charges. (ii) Design LLP paid job charges to ABC, a partnership firm for doing embroidery work on the fabric supplied by the Design LLP during the previous year 2022-23 as under. Amount () 27,000 25,000 28,000 32,000 Bill No. 1 57 105 151 Date 30.4.2022 30.6.2022 30.09.2022 30.12.2022 (6 Marks)

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Under the Incometax Act 1961 tax deduction at source TDS is a mechanism by which certain specified payments are subject to deduction of tax by the payer at the time of making the payment The payer is ... View the full answer