Applicabilty of 94q on diesel expense

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
Replies (1)

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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