Subramanya (Tax Consultant) (523 Points)
03 March 2022Dear Sir,
In case goods purchased from a non-resident who is having Permanent Establishment in India, TDS has to be deducted u/s 194Q. However, being Creditor residential status is Non-resident and having permanent establishment whether to include in Form 26Q or Form 27Q ?
I believe it should be included in Form 26Q and not in Form 27Q, please clarity
Thanks in Advance
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 04 March 2022
According to the new provision – 194Q of the Income Tax Act, the buyer of the goods is obliged to deduct the TDS of the seller of the goods if the products purchased by the buyer from a specific seller have an annual value of Rs. 50,00,000/- or more.
Form 26Q is used to file TDS details on payments made other than salary. ... The form mentions the total amount that is paid during the quarter and the TDS amount that has been deducted.
Subramanya
(Tax Consultant)
(523 Points)
Replied 07 March 2022
Dear Sir,
If Creditor residential status is Non-resident and having Permanent Establishment whether to show these transactions Form 26Q or Form 27Q
Thanks in Advance
CAclubindia
