Deepak Tapse (Accounts Manager - Taxation) (1771 Points)
05 April 2023For the FY 2023–24, TDS is to be deducted on the entire amount of the purchase of goods or on an amount exceeding Rs. 50 lakhs.
Example: The total amount of purchase goods would be Rs. 1 crore, and TDS is to be deducted on either Rs. 1 crore or Rs. 50 lakhs.
Same for TCS u/s 206C(1H)
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177721 Points)
Replied 05 April 2023
Such TDS u/s. 194Q IT act is to be done for the purchase of goods of the value/aggregate of the value exceeding Rs 50 lakh.
Similarly, a seller is required to collect tax at source at 0.1% on receipt of consideration of value exceeding Rs.50 lakh in a financial year from the buyer.
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