194Q new section

Save Share

This query is : Resolved

Quick Summary

This discussion clarifies the applicability of Section 194Q regarding TDS on purchases. The threshold of Rs 50 lakh for applicability of TDS deduction is assessed on a per-supplier basis, not on the aggregate purchase value from all vendors. If your purchases from a single vendor exceed fifty lakh rupees, then TDS needs to be deducted accordingly.

vin

vin (Querist)
Follow

02 July 2021 Dear Sir,
Please clear the doubt of
purchase value inc.gst is more than 50lakh from all vendor or from one particular vendor.For applicability for deduction under section 194Q

Deepa B

Deepa B (Expert)
Follow

02 July 2021 For the purpose of section 194Q, Rs.50lacs threshold criteria needs to be checked for each supplier separately and not aggregate value of purchases from all supplier.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
Follow

06 July 2021 its not for all vendor if Purchase Exceeds from Single Vendor than 194Q applicable tax to be deducted Excess of fifty lakh please refer criteria in my share file https://www.caclubindia.com/share_files/new-tds-rule-206ab-and-206cca-and-194q-01-07-21-81371.asp#:~:text=TDS%20applicable%20TDS%20206AB%20and%20206CCA%20and%20194Q%20%23pdf

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