29 September 2023
Dear Experts, Greetings! In preceding financial year (i.e., FY 2022-23) our client has no turnover, but there is a receipt of share capital Rs.28Crores and Fixed deposit receipts Rs.48Crores during FY 2022-23 During FY 2023-24 my purchase value of Fixed assets from particular vendor exceeds Rs.3 Crores. Can any one guide me whether 194Q is applicable for fixed assets purchased during the FY 2023-24 ?
29 September 2023
Dear Seetharaman Sir, Thank you very much for your answer. There is no turnover in previous financial year but there is a receipt of share capital Rs.28Crores and Fixed deposit receipts Rs.48Crores during previous financial year. Whether we need to consider this previous year receipt for applicability of 194Q. Thank you
CAclubindia
