TDS U/S 194Q OF INCOME TAX ACT 1961
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raghavendra b
(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
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
28 May 2022
Yes, if it's exempt income.
CA Rashmi Gandhi
(Expert)
29 May 2022
You have to show head as Business Income instead of exempt income
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