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TDS for 194q

23 June 2022

Dear Sir/Madam,

we are purchasing laboratory items, The purchase amount is crossing 57 lakhs, for what amount we have deduct TDS, 57 is exclusive of GST
please suggest.

Thanks in advance

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6 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14916 Points)
Replied 23 June 2022

As per section 194Q of the Income tax act , buyer or purchaser whose turnover from business carried on by him exceeds 10 crores rupees during the F.Y immediately preceding F.Y in which purchase of goods carried out. then only this section applicable, what is your turnover?.

shyla gowda (37 Points)
Replied 23 June 2022

Dear sir,
ours is an NGO, we are the end user, we don't have GST registration , this purchase is for current FY 22-23. it is used lab test

prasad Nilugal ( GST Practitioner & Accounts ) (14916 Points)
Replied 23 June 2022

This is not regarding GST registration , in the section 194Q ,it is written that buyers turnover in the preceding F.Y should be 10 crores or more . one the conditions for applicability of section 194Q, and deduction of TDS , please refer section 194Q.