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Tds on purchase of goods OR MAKING A PAYMENT

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(Querist)
28 November 2022 i had purchased the goods more than 1 crore for the current year i.e. 2022-23, should i have to deduct TDS while making payment & at what rate..???
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
28 November 2022 The section 194Q 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 crore, and
A buyer is responsible for making payment of a sum to the resident seller, and
Such payment is to be done for the purchase of goods of the value/aggregate of the value exceeding Rs 50 lakh from single seller.

Check these conditions before deducting TDS u/s. 194Q at 0.1% on the amount exceeding Rs 50 lakh in a financial year from a seller.
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Manish

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Manish (Expert)
28 November 2022 0.1% u/s 194Q.
Make sure it applies to you, i.e., turnover of at least 10 crores in the last year.
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