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Regarding tds on sale and purchase

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(Querist)
22 December 2024 Sir
One of our debtors is also our creditors almost over 3 cr sale and purchase can we deduct tds on purchase of goods
@ 1% or there is another rate
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
22 December 2024 Yes, you can deduct TDS at 0.1% on the purchase of goods value above INR 50 Lakhs, if the conditions of Section 194Q are met.
The relationship as a debtor or creditor does not exempt you from the TDS deduction requirement, as long as the total purchase amount exceeds Rs. 50 lakh and other conditions are satisfied.
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