08 July 2024
Please Guide: TDS Under Section 194Q:
Threshold limit for TDS Deduction Under Section 194Q is 50 Lacs. 1. 50 Lacs to be considered is basic amount or total bill amount with GST? 2. TDS to be deducted on balance amount exceeding 50 Lacs once 50 Lacs limit is crossed or on total purchase amount. 3. If there are transactions of sales and purchase from same party then when to consider the 50 lacs threshold limit (Total of sales & purchase both) or only purchase amount.
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