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TDS on purchase 194 q

TDS 189 views 3 replies

Parthiban D

Finance Manager

21 Points Joined September 2021

Respected sir / Madam

As I have given purchased order for 3 crore but the seller spilts the bills for example some for below ten lakh and some for above fifty lakhs .They have not taken collected TCS from us do I need to pay TDS on total value of PO or against bills

Replies (3)

CMA Poornima Madhava

CMA

13117 Points Joined May 2009

Yes, TDS u/s 194Q would be applicable on the purchase value exceeding Rs.50 lacs in a year. Tax to be deducted at source as and when the invoice is accounted or the payment is made, whichever is earlier (after crossing the threshold limit of Rs.50 lacs)