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TDS U/S 194Q OF INCOME TAX ACT 1961

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(Querist)
28 May 2022 DEAR SIR,

TDS DEDUCTED U/S 194Q IS EXEMPT INCOME DECLARED IN THE WHILE FILING INCOME TAX RETURNS TDS DEDUCTED PURCHASER EXCEEDS RS 50 LAKHS PER ANNUM.

ONE OF MY CLIENT SOLD TO A SINGLE PARTY MORE THAN 1 CRORE PER YEAR THE PURCHASER DEDUCTED 0.1% SO CAN WE SHOWN THE RECEIPTS OF HEAD OF INCOME AS A EXEMPT INCOME.

REGARDS
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
28 May 2022 Yes, if it's exempt income.
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
29 May 2022 You have to show head as Business Income instead of exempt income
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