TCS/TDS on sale/ purchase
This query is : Resolved
27 July 2023
Hello All,
Whether the onus of TCS/TDS on sale/purchase of goods lies on the Seller or Buyer.
Need advice
Whether the onus of TCS/TDS on sale/purchase of goods lies on the Seller or Buyer.
Need advice
27 July 2023
Applicability of provisions of Section 194Q of the Income Tax Act ::
The purchaser of the goods satisfying the following conditions is liable to deduct TDS under section 194Q –
1. Purchaser is responsible for paying a sum to any resident seller for the purchase of any goods;
2. Value/ aggregate value is more than INR 50 Lakhs in the Financial Year; and
3. Total sales/ gross receipts/ turnover of the purchaser is more than INR 10 crores in the immediately preceding Financial Year.
The provision will not be applicable if tax is collectable under any of the provisions of section 206C of the Income Tax Act [other than section 206C(1H)].
The purchaser of the goods satisfying the following conditions is liable to deduct TDS under section 194Q –
1. Purchaser is responsible for paying a sum to any resident seller for the purchase of any goods;
2. Value/ aggregate value is more than INR 50 Lakhs in the Financial Year; and
3. Total sales/ gross receipts/ turnover of the purchaser is more than INR 10 crores in the immediately preceding Financial Year.
The provision will not be applicable if tax is collectable under any of the provisions of section 206C of the Income Tax Act [other than section 206C(1H)].
28 July 2023
Actually Sir, neither the Seller has charged the TCS nor has the Purchaser deducted the TDS .
in such case the onus/responsibility lies on the Seller or the Purchaser
in such case the onus/responsibility lies on the Seller or the Purchaser
28 July 2023
What is the nature of transaction? Whether liability of TCS is applicable under the act?
If no, then purchaser is responsible to deduct TDS, if liable.
If no, then purchaser is responsible to deduct TDS, if liable.
12 September 2024
Good Luck.
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