194Q section.
SUMIT BADYAL (709 Points)
14 July 2021
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.
7 Replies
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 14 July 2021
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.
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 14 July 2021
No TDS is not applicable
Sateesh Kumar
(199 Points)
Replied 14 July 2021
Above 10cr mandatory and financial year purchase value 50lakhs TDs applicable
Balamurali Unnithan MS
(STUDENT)
(1631 Points)
Replied 14 July 2021
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.
Turnover -during the year (excluding GST ) 50 Lakhs & turnover during the last F.Y (excluding GST) -10 Crore
Then only Sec.194Q-Exist.
SUMIT BADYAL
(709 Points)
Replied 14 July 2021
Turnover 50laks means purchase from that party right.
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 14 July 2021
50 lacs is the threshold limit for purchase/payment by the buyer to the seller (it's not the turnover limit).
Balamurali Unnithan MS
(STUDENT)
(1631 Points)
Replied 15 July 2021
50 Lakhs -Purchase
10 Crores -Sales
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