TDS OR TCS

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This discussion clarifies Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) obligations for medicine wholesalers. If your previous year's turnover was under £10 crore, you are not required to deduct TDS on purchases exceeding £50 lakh this year. However, your suppliers may collect TCS from you if their turnover is over £10 crore and your purchases from them exceed £50 lakh.

umesh kumar

umesh kumar (Querist)
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25 July 2021 HELLO SIR

MAI EK MEDICINE WHOLE SELLER HU OR MERA TURNOVER LAST YEAR 10 CRORE SE KAM THA BUT MERI PURCHASE KUCH COMPANY SE YEARLY 50 LAC SE JYADA HAI TOH MUJHE TDS KATANA HAI YA NAHI YA JIN COMPANIES SE PURCHASE 50 LAC SE JYADA HAI WOH TCS KAATEGI. MAI ITR SAMAY PAR HAR SAAL BHARTA HU. PLEASE CLEAR.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 July 2021 TCS applicable to you as your last year turnover is less than 10crore.

CMA Poornima Madhava

CMA Poornima Madhava (Expert)
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26 July 2021 Since your turnover for last year is less than ₹10cr, TDS u/s 194q is NOT applicable to you for this year even if the purchase value is >₹50 lacs during this year.
Your customers would collect TCS from you if their turnover is >₹10cr during last year and receipts from you to them are >₹50 lacs during this year.

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