GST TDS or TCS

This query is : Resolved 

23 October 2021 Sir/Mam,

we have purchased 1204500/- material from party and received tax invoice and again we are planning to purchase material nearly 25+25 lakhs from same party how 194Q TDS @0.1% calculate over 72 lakhs or only 50 lakhs please clarify my doubt and kindly explain 194Q Section

23 October 2021 TDS u/s 194Q will be deductible over (72-50) 12 lakhs.

The value or aggregate of value should be exceeding Rs.50 lakhs in any Previous Year
The rate of TDS shall be 0.1 per cent of the amount in excess of Rs.50 lakhs.

23 October 2021 Thank you sir for your quick reply

23 October 2021 My Pleasure ....


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CCI Pro
Follow us


Answer Query