TDS 194Q applicability issue

TDS 266 views 1 replies

Dear All,

As TDS 194Q is applicable from 1st July 2021, can you please clarify below point

1. Lets assume I am eligible to deduct TDS where my turnover is above 10 Crore in previous FY and Supplier turnover crosses 50 lakh in current FY.
2. On 10th April 2021, i have purchased 70 lakh worth goods. Since 194Q is applicable from 1st July, i have not deducted TDS
3. On 15th July, i will be paying Rs 70 lakh to Party for the purchases made on 10th April 2021.

Now while making payment to party whether i have deduct TDS (for 20 lakh)?

Note: As per the law, TDS should be deducted where the payment is made or amount is credited on or after 01-07-2021

Please clarity

Thanks in Advance

With regards,

Subramanya 

 

 

Replies (1)
TDS should be deducted on 20 lacs


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