TDS on purchase from 1/7/2021
This query is : Resolved
06 June 2021
What is TDS on purchase to be effective from 1/7/2021.who will deduct TDS? Who is eligible?
06 June 2021
Applicability of section 194Q with Examples: Seller’s Turover : Rs. 9 Crores
Buyer’s Turover : Rs. 15 Crores
Receipt or Payment for sale or purchase of Goods in previous year : Rs. 55 lakhs Taxability: Buyer’s Turnover is more than Rs. 10 Crores Taxable amount : Rs. 5 lakhs ( Rs. 55 lakhs-Rs.50 lakhs) TDS u/s194Q : 0.1% on Rs. 5* lakhs
TCS u/s 206C(1H): not applicable as Seller’s turnover is less than 10 Crores.
Seller’s Turover : Rs. 15 Crores
Buyer’s Turover : Rs. 9 Crores
Receipt or Payment for sale or purchase of Goods in previous year : Rs. 55 lakhs Taxability: Buyer’s Turnover is less than Rs. 10 Crores Seller’s Turover is more than Rs. 10 Crores Taxable amount : Rs. 5 lakhs ( Rs. 55 lakhs-Rs.50 lakhs)
TDS u/s194Q : Not applicable
TCS u/s 206C(1H): 0.1% on Rs. 5 lakhs**. Seller’s Turover : Rs. 15 Crores
Buyer’s Turover : Rs. 15 Crores
Receipt or Payment for sale or purchase of Goods in previous year : Rs. 55 lakhs Taxability: Buyer’s Turnover is more than Rs. 10 Crores Seller’s Turover is more than Rs. 10 Crores Taxable amount : Rs. 5 lakhs ( Rs. 55 lakhs-Rs.50 lakhs)
TDS u/s194Q : 0.1% on Rs. 5 lakhs*
TCS u/s 206C(1H): Not applicable.
Buyer’s Turover : Rs. 15 Crores
Receipt or Payment for sale or purchase of Goods in previous year : Rs. 55 lakhs Taxability: Buyer’s Turnover is more than Rs. 10 Crores Taxable amount : Rs. 5 lakhs ( Rs. 55 lakhs-Rs.50 lakhs) TDS u/s194Q : 0.1% on Rs. 5* lakhs
TCS u/s 206C(1H): not applicable as Seller’s turnover is less than 10 Crores.
Seller’s Turover : Rs. 15 Crores
Buyer’s Turover : Rs. 9 Crores
Receipt or Payment for sale or purchase of Goods in previous year : Rs. 55 lakhs Taxability: Buyer’s Turnover is less than Rs. 10 Crores Seller’s Turover is more than Rs. 10 Crores Taxable amount : Rs. 5 lakhs ( Rs. 55 lakhs-Rs.50 lakhs)
TDS u/s194Q : Not applicable
TCS u/s 206C(1H): 0.1% on Rs. 5 lakhs**. Seller’s Turover : Rs. 15 Crores
Buyer’s Turover : Rs. 15 Crores
Receipt or Payment for sale or purchase of Goods in previous year : Rs. 55 lakhs Taxability: Buyer’s Turnover is more than Rs. 10 Crores Seller’s Turover is more than Rs. 10 Crores Taxable amount : Rs. 5 lakhs ( Rs. 55 lakhs-Rs.50 lakhs)
TDS u/s194Q : 0.1% on Rs. 5 lakhs*
TCS u/s 206C(1H): Not applicable.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Payment for sale in March and Sale deed registration to be done in April
- GST APPEAL ITC
- Treatment of TDS under Section 194-IA in case of cancelled property transaction
- If Material shift from dry port local egm details not refleting on ICE gate portal
- Unable to file 3B monthly return
- TDS U/S 194S VDA
- TCS Return Without PAN
- REGARDING ITR OF TRUST
- Requirement of Form 15CA CB - Rent payment
- Surcharge on discretionary AOP/TRUST for AY 25-26
- Youtube income
- Statutory Deduction-PF
- Credit rating model
- Surcharge applicability on LTCG loss
- Query regarding applicability of UDIN on MCA forms signed using DSC by a Chartered Accountant
- GST ON PERSONAL MOTORCAR SOLD
- Cash gift by grand mother to her grand daughter
- APPLICABILITY OF RCM ON MAN POWER SUPPLY BY UN REGISTERED PERSON TO REGISTERED PERSON.
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Spice form, ? mark comes in address
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
