Duty of tds on purchase

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From July 1st, 2021, buyers are responsible for deducting Tax Deducted at Source (TDS) on purchases if applicable. If a seller has already collected Tax Collected at Source (TCS) up to June 30th, they do not need to collect it again on transactions where the buyer has deducted TDS. It's advised to ask the seller to stop TCS and deduct TDS if it applies to your situation.

jaigurudev

jaigurudev (Querist)

24 June 2021 dear sir, tds on purchase is applicable from 1.7.2021 if seller charge tcs still i have to pay tds?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

25 June 2021 Ask the seller to stop TCS and deduct TDS if applicable.

CMA Poornima Madhava

CMA Poornima Madhava (Expert)

25 June 2021 Seller, if applicable, will collect tax at source up to 30th June and from 1st July, the purchaser has to start deducting tax at source, if applicable.
The seller is not required to again collect tax on transactions on which tax has been deducted by the buyer u/s 194Q w.e.f. 1st July.

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