If a company trades in milk and it purchase more than 50 lakh milk from an LLP firm which is tax free, the company has to deduct it within its TDS Section 194Q.
All purchase are exempt
Thanks Experts
4 Replies
Kesavaraj S
(580 Points)
Replied 24 June 2022
For the purpose of calculating the threshold limit for TDS U/s 194Q only Taxable value is to be considered irrespective of whether Taxable in Gst or Exempted.So,TDS U/s 194Q is applicable.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 24 June 2022
You have to deduct TDS whether purchase is taxable or tax free
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 25 June 2022
Welcome.... My pleasure .....o
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