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194Q Applicable on Purchase of Milk from Farmers

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(Querist)
12 August 2023 We have a dairy company and Milk directly purchase from various farmers.
194Q applicable on this transaction if limit exceeds Rs 50 Lacs in a year.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
12 August 2023 Yes, as the dairy farming is taxable under IT act.

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