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
CA. Sourav Sarkar
(Chartered Accountant )
(24578 Points)
Replied 14 November 2021
CMA Poornima Madhava
(CMA)
(13097 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
(500 Points)
Replied 14 November 2021
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