Regarding tds on sale and purchase
This query is : Resolved
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
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
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.
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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