pls suggest how to apply sec 194 Q Tds on purchases, deducted above RS. 50 lacs or all purchase value from 1 APR 2022.
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Quick Summary
This discussion clarifies the application of Section 194 Q of the Income Tax Act concerning TDS (Tax Deducted at Source) on purchases. The key point is that TDS is applicable on the total purchase value exceeding ₹50 lakhs from April 1st, 2022. Specifically, TDS at 0.1% is deducted on the amount that surpasses the ₹50 lakh threshold, with no TDS applied to the first ₹50 lakhs.