TDS u/s 194Q | DUAL TAXATION
This query is : Resolved
30 June 2021
X- is a supplier with turnover over Rs 10 Cr in previous year
Y- is a buyer with with turnover over Rs 10Cr in previous year.
X has collected TCS on Sales over 50 lac ( 10 Lac above 50 lac). Now as the game changes after 30.06.2021 and Y is liable to Deduct TDS on Purchases above 50 Lacs. Now What to do with the amount of 10 lac on which Supplier has already Collected TCS.
Y- is a buyer with with turnover over Rs 10Cr in previous year.
X has collected TCS on Sales over 50 lac ( 10 Lac above 50 lac). Now as the game changes after 30.06.2021 and Y is liable to Deduct TDS on Purchases above 50 Lacs. Now What to do with the amount of 10 lac on which Supplier has already Collected TCS.
30 June 2021
If TCS is applied on payments made before July 2021, TDS u/s 194Q is not applicable on the same transaction.
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