tds 194q 50 lakhs exceed in the fy 2021-22. next year apr 2022 tds 194q deduct or purchase cross 50 lakhs?
pls explain sir
4 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 14 November 2021
Yes TDS should be deducted
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 14 November 2021
Threshold limit of ₹50 lacs to be applied every year independently. So, for fy 22-23, tax to be deducted at source u/s 194q after crossing the threshold limit of ₹50 lacs during fy 22-23 (purchase during fy 21-22 is irrelevant here), provided turnover during fy 21-22 is more than ₹10cr.
V SUBRAMANIAM
(Tax consultant )
(546 Points)
Replied 14 November 2021
Read section 194q.50 lakhs crossed in any previous year not every year.
Recent Topics
- What is annexure b
- TDS by tenant
- Tax implication of rental income from jointly owne
- People Asking For Refund In New Scheme
- PRE FILLED ITR
- Taxability of gift to wife
- ITR AY 2025-26 AY
- Gold metal on lease to father properiotership fi
- Professional Tax for Branch Offices
- Advance Tax for Individual/Prorietor
Related Threads
Trending Online Classes
-
Live Course on EPF & ESI Act - Mastercourse(With Govt Certificate)
Mr.Balamurugan Ranganathan16 June 2025
CAclubindia
