TCS ISSUEE
This query is : Resolved
23 October 2021
Dear Friends
I would like to share the below given issue with you.
One of our suppliers wants to collect TCS @ 0.1% u/s 206C as per TCS rule effective from 01-10-2020 but the same time we will deduct TDS @ 0.1% u/s 194-Q effective from 01-07-2021. There is no logic of TCS Collection from the supplier as section 194-Q has eliminated in such case the section 206C.
I would appreciate your comments on this issue.
With best wishes
Yours TARIQUE RIZVI
982 1630 130
I would like to share the below given issue with you.
One of our suppliers wants to collect TCS @ 0.1% u/s 206C as per TCS rule effective from 01-10-2020 but the same time we will deduct TDS @ 0.1% u/s 194-Q effective from 01-07-2021. There is no logic of TCS Collection from the supplier as section 194-Q has eliminated in such case the section 206C.
I would appreciate your comments on this issue.
With best wishes
Yours TARIQUE RIZVI
982 1630 130
23 October 2021
Exceptions to the applicability of Section 194Q
The provisions of this section shall not apply to transactions where:
-- Tax is deductible under any other section of the Act
-- Tax is collectible under section 206C other than a transaction to which sub-section (1H) of section 206C applies.
The provisions of this section shall not apply to transactions where:
-- Tax is deductible under any other section of the Act
-- Tax is collectible under section 206C other than a transaction to which sub-section (1H) of section 206C applies.
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