We purchased Goods worth 51 Lakhs from Party Who included TCS in his Invoice.
Now On Due date of Payment Is it compulsory to Deduct TDS from Payment .
Please explain TDS Deduction procedure on such transactions
hanif (consultants) (78 Points)
08 November 2021We purchased Goods worth 51 Lakhs from Party Who included TCS in his Invoice.
Now On Due date of Payment Is it compulsory to Deduct TDS from Payment .
Please explain TDS Deduction procedure on such transactions
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(3303 Points)
Replied 08 November 2021
TDS is to be deducted at the rate of 2 % on payments made to the supplier of taxable goods and/or services, where the total value of such supply, under an individual contract, exceeds Rs. 2,50,000.
prasad Nilugal
( GST Practitioner & Accounts )
(14221 Points)
Replied 08 November 2021
CA. Sourav Sarkar
(Chartered Accountant )
(24578 Points)
Replied 09 November 2021
hanif
(consultants)
(78 Points)
Replied 09 November 2021
Yes It is Income tax TDS querry Is Income tax deductible on such Payments . The Transaction is Sale of Goods The Supplier has Collected GST and TCS in its Invoice
prasad Nilugal
( GST Practitioner & Accounts )
(14221 Points)
Replied 09 November 2021
1) Refer Circular 13 of 2021 dated 30-6-2021 of CBDT , Guidelines under section 194Q of the Income Tax act .
2) Also refer section 194Q of the income Tax act 1961 .
satish kumar Chauhan
(accountant)
(344 Points)
Replied 14 November 2021
In your case, no TDS liability upon you under sec 194Q, as supplier charged TCS in Bill. Other wise if your turnover in PY more than 10.00 Crore than TDS @ .10 to be deducted on the purchase more than 50.00 lac from 01.04.21
hanif
(consultants)
(78 Points)
Replied 18 November 2021
Yes, This is the right answer for my query,
Thank you Mr. SATISH KUMAR,
Thank You, Very Much
CAclubindia
