194Q INVOICE
AS PER NEW RULE OF INCOME TAX 194Q, WE TO SHOW IN SALES INVOICES ?
Replies (7)
Quick Summary
As per section 194Q of the Income tax act , Buyer will deduct TDS @ .01 against your invoice if purchase is more than 50 lacs and his turn over is more than 10 crore . please clarify what you want to show in sales Invoice .
IF I AM DEDUCTING TCS @ 0.1% ON SALES, THAT CASE BUYER WILL ALSO DEDUCT TDS U/S 194Q ?
Please confirm what is Buyers Turnover , is it more than 10 crore during the F.Y immediately preceding the F.Y ?. then only 194q applicable.
YES , 10CRORES CROSSED
If you both are having Turnover more than 10 crore and since both the provisions are applicable in this case TDS would be deductible only under section 194Q of the Income tax act 1961.please refer section 194Q (5)(b) of the Income tax act . confirm with others also .
1st 194 Q Applicable -Both Scenarios comes together.
194q means buyer turnover 10cr above and financial year transaction 50lakhs above value 0.1% calculate TDs amount
Recent Topics :
- Bill-to-ship-to material at client site, project c
- Export previously now to be considered domestic sa
- Pan surrender via online
- EPFO Portal Issue – Unable to Save Employee
- Plant & Machinary
- ITC reversal after supplier amended the recipient
- GIFTS TO USEFUL CONTACTS ON FESTIVALS INCOME TAX
- INTEREST ON REFUND OF TDS
- Input tax claim related
- User not found in MCA portal
Related Topics :
CAclubindia
