Whether we have to deduct TDS U/s 194Q for the suppliers for whom we deducted TDS on purchase in PY 2021-22 without considering limit of Rs.50Lakhs for this FY 2022-23.ie, From the first bill itself to deduct TDS in FY 2022-23 or to Consider limit of Rs.50Lakhs for this FY...
Please clarrify in this regard...
Thanks in Advance
TDS rate under section 194Q is 0.1% is seller not provide pan no. rate of TDS is 5% on exceed payment of Rs. 50 lakh in PY.
Condition 1 - Buyer Last Year turnover more than 10 crore then he is eligible for deducted tds.
Condition 2 - Purchases in PY is more than 50 lakh then section 194Q apply.
Rate of TDS under section 194 Q
If Seller PAN provided - 0.1% of exceeds payment of 50 lakhs
If Seller not Provided PAN - 5% of exceeds payment of 50 lakhs.
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