Regarding Sec 194 Q of Income Tax

This discussion clarifies the application of Section 194Q of the Income Tax Act regarding TDS on the purchase of goods. The key question is when TDS should be deducted if the total purchase value exceeds the Rs. 50 Lakh threshold within a financial year. The consensus is that TDS under Section 194Q is applicable from 1st July 2021 onwards, meaning deductions are based on purchases made from that date, specifically on the amount exceeding the threshold.