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TDS ON PURCHASE OF SCRAP UNDER SECTION 194Q

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(Querist)
04 August 2021 If we purchase brass scrap from one seller and we provide Form - 27C to seller then we need to deduct tds under provision of 194Q above 50 Lakhs or not ?
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Deepa B

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Deepa B (Expert)
04 August 2021 I believe yes. Form 27C signifies exemption from operation of Section 206C(1), on fulfilling certain conditions. Hence section 194Q can apply on such transactions.
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