Whether one is liable to collect TCS u/s 206C(1H) on sell of paddy to industries engaged in production of rice?
If we talk about reverse case whether TDS u/s 194Q is liable to be deducted on purchase of paddy if it exceeds the limit stated?
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Applicability of Sec 206C(1H) on sell of paddy by traders
Replies (3)
1st , yes same is liable,
2nd, Yes 194 Q is applicable, if buyer has deducted TDS in 194Q then TCS is not applicable, if Buyer makes default then seller is liable to collect TCS.
2nd, Yes 194 Q is applicable, if buyer has deducted TDS in 194Q then TCS is not applicable, if Buyer makes default then seller is liable to collect TCS.
So it means there is no exclusion of Agricultural products u/s 206C(1H) and 194Q?
Yes , there is no exclusion
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