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194Q INVOICE

Mohan Rao (103 Points)

11 July 2021

AS PER NEW RULE OF INCOME TAX 194Q, WE TO SHOW IN SALES INVOICES ?

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7 Replies

prasad Nilugal (3914 Points)
Replied 11 July 2021

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 .

Mohan Rao (103 Points)
Replied 11 July 2021

IF I AM DEDUCTING TCS @ 0.1% ON SALES, THAT CASE BUYER WILL ALSO DEDUCT TDS U/S 194Q ?

prasad Nilugal (3914 Points)
Replied 11 July 2021

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.

Mohan Rao (103 Points)
Replied 11 July 2021

YES , 10CRORES CROSSED

prasad Nilugal (3914 Points)
Replied 11 July 2021

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 .