On purchase TDS applicable or TCS
This query is : Resolved
04 November 2021
Dear sir,
If same party we purchase and sales then TDS or TCS
On sales in voice we charge TCS Because our turnover is above ten crore and second condition is also full filed on current F.Y we sales above 5o laks
But on purchase on purchase TDS or TCS
If same party we purchase and sales then TDS or TCS
On sales in voice we charge TCS Because our turnover is above ten crore and second condition is also full filed on current F.Y we sales above 5o laks
But on purchase on purchase TDS or TCS
04 November 2021
If your purchase has exceeded 50 lakhs from same party, you also need to deduct TDS u/s. 194Q on your purchase above 50 lakhs.
TCS is on sales, while TDS is on your purchase, both applicable.
As section 194Q overides section 206C(1H), whenver your customer would be eligible for deduction of TDS u/s. 194Q, you will be relieved of your responsibility to collect TCS for same transactions.
TCS is on sales, while TDS is on your purchase, both applicable.
As section 194Q overides section 206C(1H), whenver your customer would be eligible for deduction of TDS u/s. 194Q, you will be relieved of your responsibility to collect TCS for same transactions.
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