28 November 2022
i had purchased the goods more than 1 crore for the current year i.e. 2022-23, should i have to deduct TDS while making payment & at what rate..???
28 November 2022
The section 194Q applies to a buyer in the following cases:
A buyer whose turnover or gross receipt or sales in the immediately preceding financial year was more than Rs 10 crore, and A buyer is responsible for making payment of a sum to the resident seller, and Such payment is to be done for the purchase of goods of the value/aggregate of the value exceeding Rs 50 lakh from single seller.
Check these conditions before deducting TDS u/s. 194Q at 0.1% on the amount exceeding Rs 50 lakh in a financial year from a seller.
CAclubindia
