TDS on Sales & Purchase

This query is : Resolved 
Quick Summary
This discussion seeks clarification on the 0.1% TDS deduction for sales transactions. Specifically, it questions whether the £50 lakh taxable limit for TDS applies annually to new financial years or if it continues from the previous year's sales. The consensus is that the £50 lakh limit resets each financial year.

Profile Image

Profile Image

(Querist)
11 April 2024 Dear Sir/Madam,

Request to clarify that the TDS of 0.1% on sales to be deducted by the debtor after crossing the taxable limit of 50 lakhs every financial year and remit the payment to us or he should continue to deduct the same as regular from last year sales which has crossed 50 lakhs.

Thanks in advance.

Regards
Mohith
Profile Image

CA R SEETHARAMAN

Profile Image

CA R SEETHARAMAN (Expert)
12 April 2024 TDS applicable after crossing 50 lacs every financial year.
Profile Image

CA Roomi Gupta

Profile Image

CA Roomi Gupta (Expert)
12 April 2024 Limit of Rs. 50 lakhs is to be checked for each new financial year
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries


Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Pro Member Aniruddha DeshpandeAniruddha DeshpandePro Member Rohit SachdevaRohit SachdevaPro Member seshacharyseshacharyPro Member Raj GuptaRaj GuptaPro Member Prashant KotechaPrashant Kotecha
Subscribe to Pro
Join an elite circle of professionals



Answer Query



Quick Links



Browse by Category