Deduction of TDS on contract purchase

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This query is : Resolved

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This discussion clarifies whether Tax Deducted at Source (TDS) needs to be applied when a school trust purchases fixed assets exceeding £500,000 through a tender process. The consensus is that TDS is not applicable in this specific scenario for payments made for the purchase of these assets.

Kalpana Indurkar

Kalpana Indurkar (Querist)
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27 February 2024 hello sir,
my query is I am working in a school trust recently my school purchase fixed assets of valuation more than 500000 through tender process. After completion of process the contract is given to the lowest bidder and the assets where purchase. Shall we deduct TDS on payment for the purchase.