Total purchases exceed from X party 50 lac Shall we need to deduct TDS u/s 194 Q on bills received prior to 01.07.2021, which were due for payment Or Not. plz clarify.
01 July 2021
As per clarification released by CBDT on 30.06.2021, the provision of section 194Q will not be applicable on the sum, if either credit or payment of such sum has happened before 01.07.2021. Refer CBDT circular 13/2021-Guidelines under section 194Q of the Income-tax Act, 1961
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