22 December 2024
Sir One of our debtors is also our creditors almost over 3 cr sale and purchase can we deduct tds on purchase of goods @ 1% or there is another rate
22 December 2024
Yes, you can deduct TDS at 0.1% on the purchase of goods value above INR 50 Lakhs, if the conditions of Section 194Q are met. The relationship as a debtor or creditor does not exempt you from the TDS deduction requirement, as long as the total purchase amount exceeds Rs. 50 lakh and other conditions are satisfied.