194Q or 206C(1H) Applicability
This query is : Resolved
11 June 2021
Query :-
Assessee Company Turnover - Above 10 Crore
Customer Turnover - Above 10 Crore
W.e.f 1st July 194Q will be applicable and my customer will deduct tds on invoice raised post 1st July and remit balance funds.
But what about invoices raised prior to 1st July eg :- invoice raised in April for Rs. 75 Lakhs (TCS was not charged in invoice).Now he pays Rs. 75 Lakhs on 2nd July. So will the customer be liable for tds or will assessee have to collect TCS?
Assessee Company Turnover - Above 10 Crore
Customer Turnover - Above 10 Crore
W.e.f 1st July 194Q will be applicable and my customer will deduct tds on invoice raised post 1st July and remit balance funds.
But what about invoices raised prior to 1st July eg :- invoice raised in April for Rs. 75 Lakhs (TCS was not charged in invoice).Now he pays Rs. 75 Lakhs on 2nd July. So will the customer be liable for tds or will assessee have to collect TCS?
11 June 2021
194Q applicable at the time of payment or at the time of account credit.
As TCS not charged in the invoice deduct TDS.
As TCS not charged in the invoice deduct TDS.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Treatment of Renting of Villa
- House keeping and security services ITC can claim
- Error AIS modification submitted
- DTAA India & UAE
- Tax payment deduction from house loan EMI
- Issue with no residency during Jan, Feb, March 2025 due to diff. between US and India tax years.
- NRI as second account holder of resident account
- WHAT TO SELECT IN 27Q TDS RETURN ? PAYMENT TO NON-RESIDENT
- To Keep Records
- What is meaning of accrued interest
- ITR filing obligation due to savings deposit
- Capital gain tax on gold mutual fund , ETF
- TDS deduction.
- GST on Land Lease From MIDC
- Leave taken during Extension period of Articleship
- Regarding TDS deduction before 15CA filing
- Reversal of Interest provision in case of MSME buyer
- Penalty under new section 271 of IT Act
- GST liability .
- GST LIABILITY on market yard
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert14 February 2025 -
Survey, Search and Seizure under Income Tax Act 1961
CA Hari Agarwal
CAclubindia
