TCS/TDS on sale/ purchase
This query is : Resolved
27 July 2023
Hello All,
Whether the onus of TCS/TDS on sale/purchase of goods lies on the Seller or Buyer.
Need advice
Whether the onus of TCS/TDS on sale/purchase of goods lies on the Seller or Buyer.
Need advice
27 July 2023
Applicability of provisions of Section 194Q of the Income Tax Act ::
The purchaser of the goods satisfying the following conditions is liable to deduct TDS under section 194Q –
1. Purchaser is responsible for paying a sum to any resident seller for the purchase of any goods;
2. Value/ aggregate value is more than INR 50 Lakhs in the Financial Year; and
3. Total sales/ gross receipts/ turnover of the purchaser is more than INR 10 crores in the immediately preceding Financial Year.
The provision will not be applicable if tax is collectable under any of the provisions of section 206C of the Income Tax Act [other than section 206C(1H)].
The purchaser of the goods satisfying the following conditions is liable to deduct TDS under section 194Q –
1. Purchaser is responsible for paying a sum to any resident seller for the purchase of any goods;
2. Value/ aggregate value is more than INR 50 Lakhs in the Financial Year; and
3. Total sales/ gross receipts/ turnover of the purchaser is more than INR 10 crores in the immediately preceding Financial Year.
The provision will not be applicable if tax is collectable under any of the provisions of section 206C of the Income Tax Act [other than section 206C(1H)].
28 July 2023
Actually Sir, neither the Seller has charged the TCS nor has the Purchaser deducted the TDS .
in such case the onus/responsibility lies on the Seller or the Purchaser
in such case the onus/responsibility lies on the Seller or the Purchaser
28 July 2023
What is the nature of transaction? Whether liability of TCS is applicable under the act?
If no, then purchaser is responsible to deduct TDS, if liable.
If no, then purchaser is responsible to deduct TDS, if liable.
12 September 2024
Good Luck.
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
- SEC 54 OF IT ACT
- Form 26QB for TDS on property
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Is Aadhar PAN linking required for opening bank account?
- Where to show the RCM on Rent paid to unregistered landlord
- RCM - commercial rent paid to URP under GST
- Offsetting interest income against derivative trading losses
- TDS NUMBER SURRENDER
- Payable outstanding for years disallowance
- Whether still royalty
- Withholding tax applicabikity for foreign paymenttowqards physio therapy treatment
- Input credit reversal for the FY2023-24
- Regarding Form 15CA & CB
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
