194Q or 206C(1H) Applicability

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Varun (Querist)
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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?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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.

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