Tds on purchase of goods OR MAKING A PAYMENT
This query is : Resolved
Quick Summary
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..???
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.
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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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.
Make sure it applies to you, i.e., turnover of at least 10 crores in the last year.
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