Dear expert,
We have customer who is falling in 194q tds on purchase last year so we deducted tds on purchase after 50lakh my question is this financial year i should deduct after 50lakh or I can deduct from first transaction itself
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Tds on 194q
Replies (1)
The ₹50 lakh limit is an annual threshold. You must track purchases from April 1st and start deducting TDS at 0.1% only after the cumulative purchases from a seller exceed ₹50 lakh in the current financial year. You cannot deduct from the first transaction unless it crosses the threshold.
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