TDS AND TCS ON SALE OF GOODS
As per the provisions of the section 194Q of the Income Tax act , Being a buyer you have deduct a TDS @ 0.1 % , if purchase of Goods value / aggregate value of exceeds 50 lakhs , another condition is buyer who deduct TDS his tunover should be more than 10 crore in the immdiately preceding financial year , in which such puchase has taken palce .
Example
Mr A buyer turnover - 40 crore , purchase goods of RS 52 lakhs from Mr B .
Section 194 Q applicable , becuase buyers turnover exceeds 10 crore and purchase is more than 50 lakhs
TDS
52 lakhs - 50 lakhs = 2 lakhs
TDS rate @ 0.1 % on 2 lakhs = 200
Amount of TDS RS 200 /- deductible
More details please refer section 194 Q
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