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194Q Purchase of goods
if my turnover in last year less than 10Cr but I purchase of goods in a single party above 50 lakh up to July 21. this section applicable or not
Replies (4)
No the liability to deduct Tds is not arisen as your turnover is less than 10 cr.
No not applicable
Not applicable
Not applicable, no need to deduct TDS,
Sec194 applies to buyer only if turnover is applicable if turnover as per immediately preceding previous year exceeds 10 crore.
Please refer below link for more clarity.
https://www.incometaxindia.gov.in/communications/circular/circular_13_2021.pdf
Akshay Agaldiviti
akshay.agaldiviti @ gmail.com
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