194Q TDS applicable after tcs deducted
This query is : Resolved
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09 November 2021
Sir/Mam,
we have purchased from party nearly 1 Crore they deducted TCS in PI , we have made part payment in july and now we are paying balance amount and they are ready issue final Tax invoice , Now we deduct tds or not 0.1% 194Q if we deduct TDS before TCS amount or after tcs amount Value
Plz clarify my doubt
we have purchased from party nearly 1 Crore they deducted TCS in PI , we have made part payment in july and now we are paying balance amount and they are ready issue final Tax invoice , Now we deduct tds or not 0.1% 194Q if we deduct TDS before TCS amount or after tcs amount Value
Plz clarify my doubt
09 November 2021
If the payment refers to purchases made before July, 2021; no need to deduct TDS (u/s. 194Q)
09 November 2021
Thank you sir for your reply, part payment in july and now balance payment. They are deducting TCS, if TCS collected TDS applicable or not.
09 November 2021
For the purchases from july 2021, TDS is applicable and not TCS. Ask to rectify the bills after July 2021, (for purchases made over 50 lakhs).
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09 November 2021
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