TDS LIABILITY U/S 194 Q OF IT ACT


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This discussion clarifies TDS liability under Section 194Q of the Income Tax Act for a petroleum retail outlet. The key question is whether TDS obligations begin on 1st February 2024 or 1st April 2024, depending on the turnover crossing the threshold. If the buyer's turnover did not exceed Rs. 10 crores in FY 2022-23, the TDS liability under this section commences from 1st April 2024.

01 October 2024 TURNOVER OF A PETROLEUM RETAIL OUTLET WAS 9.99 CRORES UPTO 31.1.2024. IS HE LIABLE FOR TDS U/S 194Q FROM 1.2.24 OR FROM 1.4.24 . PL.CLARIFY...
SN UNNI

01 October 2024 Assuming turnover of the buyer has not crossed Rs. 10 Crs in FY 2022-23..... Ans is from 01.04.2024.

11 October 2024 Good luck ....


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