194Q Purchase of goods

This discussion clarifies the applicability of Section 194Q of the Income Tax Act regarding TDS on the purchase of goods. It confirms that TDS deduction is only required if the buyer's turnover in the immediately preceding financial year exceeded ₹10 crore. Therefore, if your turnover was less than ₹10 crore last year, you are not liable to deduct TDS on purchases, even if a single purchase exceeded ₹50 lakh.