194Q or 206C(1H) Applicability
This query is : Resolved
11 June 2021
Query :-
Assessee Company Turnover - Above 10 Crore
Customer Turnover - Above 10 Crore
W.e.f 1st July 194Q will be applicable and my customer will deduct tds on invoice raised post 1st July and remit balance funds.
But what about invoices raised prior to 1st July eg :- invoice raised in April for Rs. 75 Lakhs (TCS was not charged in invoice).Now he pays Rs. 75 Lakhs on 2nd July. So will the customer be liable for tds or will assessee have to collect TCS?
Assessee Company Turnover - Above 10 Crore
Customer Turnover - Above 10 Crore
W.e.f 1st July 194Q will be applicable and my customer will deduct tds on invoice raised post 1st July and remit balance funds.
But what about invoices raised prior to 1st July eg :- invoice raised in April for Rs. 75 Lakhs (TCS was not charged in invoice).Now he pays Rs. 75 Lakhs on 2nd July. So will the customer be liable for tds or will assessee have to collect TCS?
CA R SEETHARAMAN
(Expert)
11 June 2021
194Q applicable at the time of payment or at the time of account credit.
As TCS not charged in the invoice deduct TDS.
As TCS not charged in the invoice deduct TDS.
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