01 April 2022
Kindly clarify whether the criteria for deduction of tax/collection of tax at source for Purchase / sales has to verified for each assessee every year . That is whether we have to look for the triggering point 1. Turnover/Gross Receipts/Sales from the business of BUYER should exceed Rs.10cr during previous year (Excluding GST) Purchase of goods of aggregate value exceeding Rs.50Lakhs in P.Y. (The value of goods includes GST) T 2. Turnover/Gross Receipts/Sales from the business of SELLER should exceed Rs.10cr during previous year (Excluding GST) Sale consideration received exceeds Rs.50Lakhs in P.Y.
each year for the deduction or collection and to wait till the sale or purchase exceeds 50 Lakhs or continue to deduct tax /collect tax as done in the previous financial year without verifying the trigger point
CAclubindia
