banner_ad

Tds U/s 194 Q applicability

This query is : Resolved 
Profile Image

Profile Image

(Querist)
01 July 2021 Sir

We have received an Invoice for an amount of Rs.52 Lacs which is prepared by our Vendor on 19.03.2021(Invoice Date 19.03.2021) against our Purchase Order. Now we have to release the payment in July 2021. whether TDS u/s 194Q is applicable? he also claimed TCS @0.075%.
Our company's turnover is more than 10 Crores hence, not liable to pay TCS as per the New Provison.
pl. advise.
Profile Image

CMA Poornima Madhava

Profile Image

CMA Poornima Madhava (Expert)
01 July 2021 If either payment or accounting is done prior to 1st July, no need to deduct tax at source u/s 194Q. In this case, since you would already accounted the invoice prior to July, no TDS u/s 194Q.
You are required to pay TCS to the seller provided the turnover of seller is >10cr in the preceding FY.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
10 May 2026
Finance specialist

Right way solution

Ajmer

CA

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details