194q

This query is : Resolved

debasish banerjee (Querist)
Follow

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.

CMA Poornima Madhava

CMA Poornima Madhava (Expert)
Follow

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.

Ganeshbabu K

Ganeshbabu K (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok