Applicabilty of 94q on diesel expense

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15 Points Joined July 2022
whether tds 94q applicable or not if we purchse diesel as expense for fy 23-24 for more than 1.14 cr. and we are not in the bussiness of petroleum
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On 31 August 2024 at 12:34 Report
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Master in Accounts & high court Advocate
9505 Points Joined December 2011

TDS under Section 194Q applies to certain business transactions, including purchases of goods (except for petroleum products) exceeding ₹1.14 crore in a financial year. Since diesel is a petroleum product, TDS under Section 194Q is not applicable on its purchase as an expense for FY 23-24, even if the amount exceeds ₹1.14 crore. However, there might be other TDS provisions or tax implications to consider, such as: 1. TDS under other sections (e.g., Section 194C for transportation contracts) 2. GST implications (if applicable) 3. Income tax on the expense itself To ensure compliance and optimize tax efficiency,

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On 05 September 2024 at 14:37


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