Respected Concerns,
My name is Himanshu.
I need to ask the purchase of which goods are covered u/s 194Q.
Currently we're purchasing raw materials i.e. steel bars, cement etc to build a manufacturing plant for our business.
The purchase value of steel bars and other raw material is greater than 50 lacs in the previous year.
So, I need to ask do we have to deduct TDS u/s 194Q on the said purchase too?
As per provisions of section 194Q of the Income Tax Act, the purchaser of the goods paying any sum to the resident seller having value/ aggregate value exceeding INR 50 Lakhs is liable to deduct TDS @ 0.1%
CAclubindia
