Dear Sir,
My query is regarding TDS u/s 194Q on purchase of any goods. As we are deducting TDS u/s 194Q on purchase of Goods in the FY 2021-22 on the above 50L.
For the current FY2022-23, what we have to do. We have to deduct TDS from Rs. 1 whose TDS was deducted in the FY21-22 or we have to deduct when the limit cross.
Eg. We have deducted TDS u/s 194Q of Mr. X in the FY21-22. Now we started purchase from X of Rs. 10,00,000/- in April2022.
1. Should we have to deduct TDS on it now or not?
If not yet--- 2nd condition
2. Assume Purchase from X is Rs.54,00,000/-. In this condition on which amount we have to deduct TDS ?
On 4,00,000/- or on 54,00,000/-
Kindly clarify.