194Q @0.1% below 10 crore turnover tcs or tds applicable
This query is : Resolved
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13 March 2024
Sir/Mam,
We have purchased good from one party crossed above 50 Lakhs , now my doubt is our turnover both Fy 2022-23 and 2023-24 below 10 crores we have to deduct 194Q @0.1% Tds or not
TCS or TDS applicable plz clarify
Thanking yo,
We have purchased good from one party crossed above 50 Lakhs , now my doubt is our turnover both Fy 2022-23 and 2023-24 below 10 crores we have to deduct 194Q @0.1% Tds or not
TCS or TDS applicable plz clarify
Thanking yo,
13 March 2024
Your turnover is below 10 crore 194Q not applicable.
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13 March 2024
Sir,
earlier years our turnover crossed above 10 crores we have deducted TDS crossed above 50 Lakhs , only last two year fy our turnover below 10 crores
Now my doubt is 194Q is applicable on turnover basis every fy or once started it is continued please clarify
Thanking you,
earlier years our turnover crossed above 10 crores we have deducted TDS crossed above 50 Lakhs , only last two year fy our turnover below 10 crores
Now my doubt is 194Q is applicable on turnover basis every fy or once started it is continued please clarify
Thanking you,
13 March 2024
Following situations are exempted from 194Q –
a. Total sales/ gross receipts/ turnover of the purchaser is less than INR 10 crores in the immediately preceding Financial Year;
b. The aggregate value of purchases from the seller is less than INR 50 Lakhs in the Financial Year;
a. Total sales/ gross receipts/ turnover of the purchaser is less than INR 10 crores in the immediately preceding Financial Year;
b. The aggregate value of purchases from the seller is less than INR 50 Lakhs in the Financial Year;
16 August 2025
Also note that if both the buyer’s and seller’s turnover is below ₹10 crore, then neither TDS under Section 194Q nor TCS under Section 206C(1H) applies. TDS under Section 194Q applies only upon the purchaser exceeding the ₹10 crore threshold, and TCS under Section 206C(1H) only if the seller’s turnover exceeds ₹10 crore.
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