194q
This query is : Resolved
26 June 2021
billed to buyer within june rs 75,00,000/- . received amount 60,00,000/- .
TCS applicable in prescribed rate .
question is that whether 194Q also applicable from july if further no transaction during the year 21-22.
both are more than 10cr tunover in F Y .20-21.
TCS applicable in prescribed rate .
question is that whether 194Q also applicable from july if further no transaction during the year 21-22.
both are more than 10cr tunover in F Y .20-21.
26 June 2021
If there are no further transactions from July, TDS u/s 194Q is not applicable.
If there are, then the buyer is required to deduct tax at source u/s 194Q from all the purchases on/after 1st July.
If there are, then the buyer is required to deduct tax at source u/s 194Q from all the purchases on/after 1st July.
28 June 2021
Section 194Q envisages that TDS at the rate of 0.10% of the purchase value paid in excess of ₹ 50 Lakhs shall be deducted by the buyer.
*TDS shall not be deducted on the threshold limit of ₹ 50 Lakhs available for each financial year.
*TDS shall not be deducted on the threshold limit of ₹ 50 Lakhs available for each financial year.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
