If the first year of firm. His turnover crossed 10cr. 194q applicable or not. Can i deduct tds if the purchase above 50lakh
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Tds 194q applicable or not
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Section 194Q strictly requires a buyer's turnover to have exceeded ₹10 crore in the previous financial year. Because a newly formed firm has no preceding financial year, it is completely exempt from deducting TDS under 194Q—even for purchases over ₹50 lakh—during its first year of business.
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