New Delhi, July 4 (TIWN) In a major move towards ease of doing business, new guidelines direct that businesses buying shares or commodities traded through recognised exchanges will not be required to deduct TDS on the transaction.

The Finance Act, 2021 inserted a new section 194Q in the Income-tax Act 1961 which takes effect from July 1, 2021. It applies to any buyer who is responsible for paying any sum to any resident seller for purchase of any goods of the value or aggregate of value exceeding Rs 50 lakh rupees in any previous year.