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APPLICABILITY FOR TDS U/S 194Q SUGAR CANE SUPPLYING TWO BETWEEN SUGAR FACTORY?
TDS U/S 194Q APPLICABILITY FOR SUGAR FACTORY IN BETWEEN TRANSACTION WITH SUGARCANE SUPPLY EXCEEDING VALUE 50LAKH? PLEASE IF ANY SUGGEST.
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Section 194Q applies to the purchase of sugarcane because it is considered "goods." You are liable to deduct 0.1% TDS if: (1) your business turnover exceeded ₹10 Crore in the previous financial year, and (2) your total purchases from a specific resident supplier exceed ₹50 Lakh in the current financial year. Deduction must occur at the time of credit or payment, whichever is earlier.
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