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Applicability of TDS u/s 194Q on purchase of Vehicle
Is TDS under section 194Q applicable on purchase of Assets (eg: car) above the threshold limit?
Replies (4)
Quick Summary
No...TDS U/s 194Q is not applicable because the seller has to charge TCS U/s 206C(1F) if selling value is above Rs.10,00,000/-
If car value is less than 10 lacs, then 194q applicable. tds has to be deducte.
First we will have to read both the section that is 194Q and 206C(1F)
it both the section applicable in one scenario then section 206C(1F) will prevail
For car purchase 206C(1F) is APPLIED
it both the section applicable in one scenario then section 206C(1F) will prevail
For car purchase 206C(1F) is APPLIED
No...TDS U/s 194Q is not applicable because the seller has to charge TCS U/s 206C(1F) .
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