Sir/Madam,
Buyer(A) total turnover/sales in previous Financial Year crosses 10 crores, but seller "B" turnover is less than 10 crores and annual transactions with buyer "A" is less than 50 Lakhs.
Does Buyer need to deduct TDS @ 0.1% .
Does any ONE condition qualify for applicability of TDS -194Q or both conditions need to qualify.
THANK YOU VERY MUCH FOR THE USEFUL INFORMATION AND QUICK RESPONSE
Yes, seller turnover is irrelevant here.
When you are looking into 194Q you will only think from buyer point of view.
Here the turnover of buyer is more than Rs. 10 Crore but the total purchase is less than Rs. 50 Lacs for the year so TDS is not applicable.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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