Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 February 2018 sir
i want to know sir
i am manufacturer and purchase raw material from some body then will i able to deduct tds at payment time from him if yes then which section of tds is coverd.

Arpit

Arpit (Expert)
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03 February 2018 TDS is not required to be deducted on raw material purchase

Querist : Anonymous

Querist : Anonymous (Querist)

03 February 2018 tell me
is tds applicable on purchase?

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Arpit

Arpit (Expert)
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03 February 2018 on material purchase tds is not required to be deducted

Querist : Anonymous

Querist : Anonymous (Querist)

03 February 2018 ok
one more things
if i am purchase capital goods then it applicable

Arpit

Arpit (Expert)
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03 February 2018 if the contract for purchase of capital goods is not a works contract then no tds is requred to be deducted. If it is a works contract then tds is required to be deducted

Querist : Anonymous

Querist : Anonymous (Querist)

03 February 2018 its means tds not required on purchase and sale of any types of good
it is applicable on only services

Arpit

Arpit (Expert)
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03 February 2018 There could be tax deduction on purchases provided purchase relates to goods specified U/Sec. 206C of the Income Tax act. In such cases, tax is collected by seller and its called Tax collected at source (TCS).

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SUNIL KUMAR PATTUVAKKARAN

SUNIL KUMAR PATTUVAKKARAN (Expert)
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06 February 2018 No TDS on Purchase and sale of goods.