Tds on purchase of goods OR MAKING A PAYMENT
This query is : Resolved
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.
Message likes :
1 times
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.
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
- Itr 1 processing
- Off Market debit and credit transaction
- Reporting Income under Section 44ADA
- Showing Gift from relative in ITR for this year
- ITR 1: Details for showing Exempt Income
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR returnFY25-26
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
