Applicability of Section 194Q on purchase of Fixed assets
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29 September 2023
Dear Experts,
Greetings!
In preceding financial year (i.e., FY 2022-23) our client has no turnover, but there is a receipt of share capital Rs.28Crores and Fixed deposit receipts Rs.48Crores during FY 2022-23
During FY 2023-24 my purchase value of Fixed assets from particular vendor exceeds Rs.3 Crores.
Can any one guide me whether 194Q is applicable for fixed assets purchased during the FY 2023-24 ?
Greetings!
In preceding financial year (i.e., FY 2022-23) our client has no turnover, but there is a receipt of share capital Rs.28Crores and Fixed deposit receipts Rs.48Crores during FY 2022-23
During FY 2023-24 my purchase value of Fixed assets from particular vendor exceeds Rs.3 Crores.
Can any one guide me whether 194Q is applicable for fixed assets purchased during the FY 2023-24 ?
29 September 2023
194Q applicable for fixed assets purchase but it is not applicable in view of no turnover in the previous year.
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29 September 2023
Dear Seetharaman Sir,
Thank you very much for your answer.
There is no turnover in previous financial year but there is a receipt of share capital Rs.28Crores and Fixed deposit receipts Rs.48Crores during previous financial year.
Whether we need to consider this previous year receipt for applicability of 194Q.
Thank you
Thank you very much for your answer.
There is no turnover in previous financial year but there is a receipt of share capital Rs.28Crores and Fixed deposit receipts Rs.48Crores during previous financial year.
Whether we need to consider this previous year receipt for applicability of 194Q.
Thank you
29 September 2023
No, such receipts will not fall under turnover.
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29 September 2023
Dear Seetharaman Sir,
Thank you very much for your clarification. Now I understood.
Thank you very much for your clarification. Now I understood.
29 September 2023
You are welcome...
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