TDS-Fixed assets
This query is : Resolved
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14 January 2025
Hi,
just wanted to check the TDS applicable on FA purchased is on what amount?? i think its on 50 lacs {i need to check whether its gross or net (after GST)}??
it is applicable on new assets or transfer of assets also? if the amount increases 50lacs?
just wanted to check the TDS applicable on FA purchased is on what amount?? i think its on 50 lacs {i need to check whether its gross or net (after GST)}??
it is applicable on new assets or transfer of assets also? if the amount increases 50lacs?
14 January 2025
1. On net amount, without GST.
2. No TDS over transfer of FA to branch/es.
Th section 194Q IT act, applies to a buyer in the following cases:
A buyer whose turnover or gross receipt or sales in the immediately preceding financial year was more than Rs 10 crores and
A buyer is responsible for making payment of a sum to the resident seller and
Such deduction is to be done for the purchase of goods of the value/aggregate of the value exceeding Rs 50 lakh.
2. No TDS over transfer of FA to branch/es.
Th section 194Q IT act, applies to a buyer in the following cases:
A buyer whose turnover or gross receipt or sales in the immediately preceding financial year was more than Rs 10 crores and
A buyer is responsible for making payment of a sum to the resident seller and
Such deduction is to be done for the purchase of goods of the value/aggregate of the value exceeding Rs 50 lakh.
14 January 2025
TDS is to be deducted after a deduction of Rs 50 lakh from the total value of purchases.
The threshold limit is Rs 50 lakh, which means a seller-wise deduction in every financial year.
If a buyer purchases goods worth Rs 53 lakh from a seller, then he has to deduct the first Rs 50 lakh from it as an initial deduction under Section 194Q and then deduct the TDS on the remaining Rs 3 lakh at 0.1%. So, the TDS applicable in this case would be Rs 300.
The threshold limit is Rs 50 lakh, which means a seller-wise deduction in every financial year.
If a buyer purchases goods worth Rs 53 lakh from a seller, then he has to deduct the first Rs 50 lakh from it as an initial deduction under Section 194Q and then deduct the TDS on the remaining Rs 3 lakh at 0.1%. So, the TDS applicable in this case would be Rs 300.
15 January 2025
thank you...can you pls guide it if is paid in next financial year (deduction in Oct'23 and deposit in Jan'25) then how much will be the late fee?? interest will be 1.5% per month that much i know..
15 January 2025
Calculate interest for 7 months.
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