06 August 2021
In the given case supplier and buyer (i.e.,you) both are residents and you are paying consideration against purchases during the year. If your entity's previous financial year turnover threshold criteria is met, and purchases from the said supplier has crossed Rs.50 lacs in current financial year, then you have to deduct tax u/s 194Q. Because there is no exception carved out for high sea purchases. But it's not applicable on import purchases from supplier outside India (i.e., not a resident)
CAclubindia
