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Sec 194Q

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(Querist)
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.
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CMA Poornima Madhava

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CMA Poornima Madhava (Expert)
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.
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Jomon P B

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Jomon P B (Querist)
04 July 2021 thank you Poornima madam
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