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194q on purchase of diesel
Nature of assesse is important.
what is the quantum of purchase?
There are two points mainly to consider to deduct TDS
1.Buyer is defined to be person whose total sales or gross receipts or turnover from the business carried on by him exceed ten crore rupees during the financial year immediately preceding the financial year in which the purchase of good is carried out.
2.The sales or gross receipts or turnover from business carried on by him must exceed Rs 10 crore. His turnover or receipts from non-business activity is not to be counted for this purpose.
3.There is no exemption for any specific business.(some relaxations given to transactions carried through various stock exchanges)
4.Hence TDS U/S 194Q is applicable on purchase of TDS , if buyer engaged in the sale of same business & turnover exceeds 10cr, he is liable to deduct TDS U/S 194Q.
Thanks
vanajarani
vanajaranig95 @ gmail.com
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