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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- TDS on Consultancy- Non DTAA
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Eway bill generation from place other than registeted
- Management System (IMS)
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- EPF FULL & FINAL RULES IN 2026
- Rental income gst and it purpose
- FTS Taxable under 115A
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
