TDS applicable to all advance payments for goods,
This query is : Resolved
15 April 2024
Dear All,
TDS applicable to all advance payments for goods,
For example,
The vendor from whom we are purchasing the goods,
a) First invoice basis value Rs.10 Lakhs
b) Second invoice basis value Rs.20 Lakhs
c) Third invoice basis value Rs.15 Lakhs
d) Fourth Advance paid for goods Rs.8 Lakhs (Basis Value)
Total value Rs.53 Lakhs
Please advise me whether the TDS will be deducted on the above,
TDS applicable to all advance payments for goods,
For example,
The vendor from whom we are purchasing the goods,
a) First invoice basis value Rs.10 Lakhs
b) Second invoice basis value Rs.20 Lakhs
c) Third invoice basis value Rs.15 Lakhs
d) Fourth Advance paid for goods Rs.8 Lakhs (Basis Value)
Total value Rs.53 Lakhs
Please advise me whether the TDS will be deducted on the above,
15 April 2024
TDS is to be deducted while booking the purchase or payment which ever is earlier. Hence, TDS is need to be deducted at the time of advance payment
15 April 2024
Thanks for your reply sir,
But am talking about the 194Q section kindly advice for the same
But am talking about the 194Q section kindly advice for the same
15 April 2024
deduct TDS on 3 lakhs out of advance of Rs 8 lakhs as the TDS is applicable on amounts over and above 50 lakhs.
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