TDS on purchase 194 q

TDS / TCS 262 views 3 replies
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Finance Manager
21 Points Posted on 10 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 

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On 10 September 2021 at 17:36 Report
Replies (3)
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CMA
13117 Points Posted on 10 September 2021
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)
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On 10 September 2021 at 18:24
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Practising CA
8954 Points Posted on 10 September 2021
Agreed for tds under 194Q provided buyers sales turnover exceeds 10 Crore in previous financial year.
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On 10 September 2021 at 20:04
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Chartered Accountant
24588 Points Posted on 12 September 2021
TDS should be deducted
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On 12 September 2021 at 06:11


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