TDS ON PURCHASES OF GOODS
This query is : Resolved
Rajkumar Gutti
(Querist)
01 July 2021
WE ARE A BUYER & HAVING SALES TURNOVER ABOVE 10 CRORE IN PREVIOUS YEAR .
OUR PURCHASE UP TO 30.06.21 IS RS.20 CRORE & ON 01/07/2021
WE MADE PAYMENT TO OUR CREDITORS FOR RS.5 CRORE.
CAN IN THIS SITUATION WE ARE LIABLE TO DEDUCT TDS U/S 194Q
ON PAYMENT OF RS.10 CRORE
OUR PURCHASE UP TO 30.06.21 IS RS.20 CRORE & ON 01/07/2021
WE MADE PAYMENT TO OUR CREDITORS FOR RS.5 CRORE.
CAN IN THIS SITUATION WE ARE LIABLE TO DEDUCT TDS U/S 194Q
ON PAYMENT OF RS.10 CRORE
CMA Poornima Madhava
(Expert)
01 July 2021
If such payment is made against purchase bills accounted up to 30th June, no TDS u/s 194Q.
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