TDS deducted for transaction value more than Rs 50.00 lakh
This query is : Resolved
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
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
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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