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
CAclubindia
