we are a company having 50+ crore business turn over Do we have to Deduct TDS with effect from 01.07.2021, for any material purhcase from small vendors like stationery, office maintenance and others
26 June 2021
I think you may have to deduct if total purchase (of any goods) from such vendor exceeds Rs.50 lacs in a year, provided TDS on the same is not applicable under other provisions of IT Act. For example, in respect of maintenance, where TDS would be applicable as per section 194C, no need to deduct tax again u/s 194Q. Also 194Q is related to goods (not services)
CAclubindia
