Tds on purchase OF JUNE
This query is : Open
05 August 2021
sir, govt. introduced tds on purchase from 1.7.2021 i have purchase goods in june.2021 and payment done in july.these purchase already suffered tcs .please advice should i still pay tds again
05 August 2021
No. If TCS is already done on the said transaction then TDS should not be done on it. Because both of them are mutually exclusive.
05 August 2021
Even if TCS was not applicable, when either purchase or payment is prior to 1st July, no TDS u/s 194Q would be applicable.
05 August 2021
deepaji party has charged tcs at the time of sale in june to me and i made payment in july
should i pay tds?
should i pay tds?
05 August 2021
I hope the payment made by you to your supplier is considering the TCS component shown in the invoice. If yes, no need deduct tax as TCS is already applied on the said transaction. Also I do agree with Ms.Poornima that if either purchase or payment has happened before 1.7.2021, then section 194Q does not apply
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