194Q and 206C(1H)
This query is : Resolved
18 August 2022
As per provision when a similar transaction falls between both sections 194Q and 206C(1H)....194Q Overrides.
My question is I was liable to deduct u/s 194Q however the seller has already deducted on the same amount under 206C(1H).
Accordingly,
1)Whether I am still liable to deduct under 194Q?
2)Is non deduction of TDS on purchase attract sec 40a(ia) ?
3) Treatment of TCS collected under 206C(1H).
My question is I was liable to deduct u/s 194Q however the seller has already deducted on the same amount under 206C(1H).
Accordingly,
1)Whether I am still liable to deduct under 194Q?
2)Is non deduction of TDS on purchase attract sec 40a(ia) ?
3) Treatment of TCS collected under 206C(1H).
18 August 2022
1 Not liable.
2 yes.
3 Claim it while filling ITR.
2 yes.
3 Claim it while filling ITR.
19 August 2022
While I am not liable to deduct TDS so how sec 40a(ia) attaracted on the same.
19 August 2022
40a(ia) not attracted.
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