TDS 194Q/206 H (c)
This query is : Resolved
Naga Lakshmi.S.P.
(Querist)
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
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
CA R SEETHARAMAN
(Expert)
01 April 2022
Look for triggering point each year, wait till the sale or purchase exceeds 50 Lakhs.
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST input credit on commercial property
- GSTR-9C filing
- GST ITC as per notification 12/2023- central tax
- Urd purchase entry in tally prime
- Applicability of tax on invoice
- TDS- 2026-27 Q1 Correction
- IMS (import of goods) ITC related
- Form 144 TDS Return Validation Error – Mandatory Fields
- LLP audit and disclosure
- Ito add credit side of bank
- Employee secondment
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
