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
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
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.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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