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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TDS for 194q
Replies (6)
Quick Summary
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?.
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
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
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.
Ok, thanks a lot
Please refer section 194Q , of the Income tax act , in detail.
If you turnover in last financial year is 10 crore then only you need to deduct TDS u/s 194Q
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