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TDS deducted for transaction value more than Rs 50.00 lakh

This query is : Resolved 
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(Querist)
11 April 2023 Dear Experts,

01. Suppose as a buyer, we need to deduct TDS U/s 194Q for the purchase more than Rs 50.00 Lakhs.

02. Whether do we need to consider this threshold limit for every year

03.Example :
For FY 2022-23,,
TDS deducted for transaction value more than Rs 50.00 lakhs.

For FY 2023-24,
TDS to be ducted from Rs 1.00 onwards or after reaching the value of more than Rs 50.00 Lakhs.

Pl clarify
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
11 April 2023 The limit is for each year. You need to deduct TDS only after crossing the exempted limit of Rs. 50 lakhs for each FY.
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