Sec 194Q

Save Share

This query is : Open

Quick Summary

This discussion clarifies the applicability of Section 194Q for businesses newly established in FY 2021-22. If a new business's turnover exceeds 10 crore rupees during FY 2021-22, Section 194Q will become applicable from the subsequent financial year, FY 2022-23. It's noted that the section does not apply to the same financial year the business was established.

Jomon P B

Jomon P B (Querist)
Follow

04 July 2021 please explain the applicability of sec 194Q in case of newly started business during the FY 2021-22 and the turnover exceeds 10 cr and purchase from a single person is more than 50 lakhs.

CMA Poornima Madhava

CMA Poornima Madhava (Expert)
Follow

04 July 2021 194Q would not apply in case of new business established during FY21-22. If the turnover would exceed Rs.10cr during FY21-22, then 194Q would apply for FY22-23.

Message likes : 1 times

Jomon P B

Jomon P B (Querist)
Follow

04 July 2021 thank you Poornima madam

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

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!