194Q tds related

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Accountant
109 Points Posted on 01 July 2023

Dear Experts,

if my creditor having balance without gst is above 50 lakhs , no purchase in last jun month, should i deduct tds on above bal of 50 lakhs aur no under 194q.

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On 01 July 2023 at 13:52 Report
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This discussion clarifies the applicability of TDS Section 194Q. It confirms that TDS under this section is triggered by the value of purchases exceeding Rs. 50 lakhs, not by the outstanding balance with a creditor. Therefore, if your creditor's balance is over 50 lakhs but you made no purchases in the relevant period, TDS under 194Q is not applicable.

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SEO Sai Gr. Hosp.
212503 Points Posted on 01 July 2023

TDS u.s 194Q is applicable only over purchases above Rs. 50 lakhs, not over credit balance.

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On 01 July 2023 at 17:25
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Profession
28267 Points Posted on 02 July 2023
Annual purchase not for consecutive months.
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On 02 July 2023 at 08:44

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