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Limit of Rs 50L u/s 194Q & 206C(H)
To deduct TDS u/s 194Q, Do i need to check each year whether the total purchases have exceeded Rs. 50 L or not, or i can continue the practice of deduction of TDS?
Replies (3)
Correct, the TDS is applicable only over the purchases made above Rs. 50 lakhs.
In case purchase doesn't exceed 50 lakhs no question of deducting TDS u/s. 194Q of the act.....
My question is, whether i have to check every year that the purchase has exceeded 50 lakh or not??
Yes. You have to check every year
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