Is TDS Applicable on Purchase of Marbles more than 50 Lakhs
This query is : Resolved
09 March 2024
If any individual constructed their personal property and buy the Marbles and Stone direct to seller without any contract and his value is exceed Rs 50 Lakhs, Is they are liable to deduct the TDS on Seller. Kindly Clarify with section(if Yes).
There are some points to be followed by Individual.
* Construction contract with different Vendor.
* Individual Directly Buy the Marbles and Stones from seller for their Constructed Property.
* Amount Exceed over 50 Lakhs
* Individual are not in the criteria of audit U/s 44AB or AD
* They have Giving their GSTIN to Seller but Property not used in any Business which are constructed and he is not taking any input and not treating as a B2B. But Seller Issuing B2B Invoice to buyer.
There are some points to be followed by Individual.
* Construction contract with different Vendor.
* Individual Directly Buy the Marbles and Stones from seller for their Constructed Property.
* Amount Exceed over 50 Lakhs
* Individual are not in the criteria of audit U/s 44AB or AD
* They have Giving their GSTIN to Seller but Property not used in any Business which are constructed and he is not taking any input and not treating as a B2B. But Seller Issuing B2B Invoice to buyer.
11 August 2024
TDS u/s. 194M may be applicable if... Manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from such customer.
As per the Union Budget 2019, any individual/HUF paying any sum to a resident for carrying out any work (including the supply of labour) under any contract or by way of fees for professional services rendered during the financial year exceeding Rs 50,00,000 in a year will have to deduct TDS at 5%.
As per the Union Budget 2019, any individual/HUF paying any sum to a resident for carrying out any work (including the supply of labour) under any contract or by way of fees for professional services rendered during the financial year exceeding Rs 50,00,000 in a year will have to deduct TDS at 5%.
09 September 2024
Good Luck.
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