194Q section.

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709 Points Joined January 2017
hi, if the company turnover is less than 10 crore but the purchase from one party exceeds 50 lakh, is this case 194Q applicable or not.
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On 14 July 2021 at 17:25 Report
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CMA
13117 Points Joined May 2009

If the turnover of the buyer in the immediately preceding year is up to Rs.10cr, then 194Q is not applicable, even if the purchase from a vendor >50lacs.

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On 14 July 2021 at 18:12
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Chartered Accountant
24588 Points Joined November 2019
No TDS is not applicable
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On 14 July 2021 at 18:51
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199 Points Joined March 2020
Above 10cr mandatory and financial year purchase value 50lakhs TDs applicable
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On 14 July 2021 at 19:06
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STUDENT
1631 Points Joined August 2017
Both conditions satisfy.
Turnover -during the year (excluding GST ) 50 Lakhs & turnover during the last F.Y (excluding GST) -10 Crore

Then only Sec.194Q-Exist.
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On 14 July 2021 at 22:59
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709 Points Joined January 2017
Turnover 50laks means purchase from that party right.
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On 14 July 2021 at 23:01
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CMA
13117 Points Joined May 2009
50 lacs is the threshold limit for purchase/payment by the buyer to the seller (it's not the turnover limit).
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On 14 July 2021 at 23:18
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STUDENT
1631 Points Joined August 2017

50 Lakhs -Purchase

10 Crores -Sales

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On 15 July 2021 at 00:09


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