Hello,
I have 3 doubts: namely
1. Tds u/s 194Q applicable on gross purchases or net purchases(excluding gst)?
2. If buyer purchases goods on 5.7.21 worth Rs 60 lakhs, he needs deduct 0.100% on 10 lakhs(60-10 lakhs).. If he again buys goods Rs 75 lakhs, again he needs to deduct tcs @ 0.100% on 75 lakhs or 25 lakhs(75-50 lakhs)?
3.tds conditions is:
a. buyer's turnover should be more than 10 crores in previous FY
b. buyer purchase should cross limit of 50 lakhs in current FY..
question is both the condition should satisfy or any 1 condition enough to apply to make tds?
kindly clarify....
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Query regarding 194Q
Replies (2)
Quick Summary
1) Tax to be deducted at source u/s 194Q on the value excluding GST
2) First, the buyer has to deduct tax on 10 lacs (provided this is the first purchase during the year), again on 75 lacs (i.e. 50 lacs limit applicable for the whole year)
3) If condition (a) is satisfied, then only condition (b) would be valid. That is, 194Q would apply only when the turnover of the buyer during the preceding year is >10cr.
Thank You so much madam..
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