I am liable for TDS Deduction I received first purchase bill from vendor. Taxable value 48 lakh GST. 2.4 lakh total 50.40 lakh whether I will deduct TDS 194 q ?
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Quick Summary
This discussion clarifies whether TDS deduction is required under Section 194Q when the taxable value of a purchase bill is ₹48 lakh, with GST making the total ₹50.40 lakh. The consensus is that TDS under 194Q is applicable on the taxable value, not the total invoice value, and therefore, if the taxable value is below ₹50 lakh, TDS deduction is not required. However, there's a brief mention of Section 206C(1H) where TCS is applicable on the total amount.
CA Rashmi Gandhi mam aise do hi sections hai 194q and 206C (1H) jisme TDS/TCS deduction total amount par hogi na ki taxable value par. Correct me, if i am wrong.