We purchased Goods worth 51 Lakhs from Party Who included TCS in his Invoice.
Now On Due date of Payment Is it compulsory to Deduct TDS from Payment .
Please explain TDS Deduction procedure on such transactions
Menu
Tds on transaction value exceeding Rs. 50 Lakhs
Replies (11)
Quick Summary
TDS is to be deducted at the rate of 2 % on payments made to the supplier of taxable goods and/or services, where the total value of such supply, under an individual contract, exceeds Rs. 2,50,000.
I think it's Income tax query . TDS Under section 194 Q of the Income tax act , Mr Hanif please confirm .
194q should be deducted
Yes It is Income tax TDS querry Is Income tax deductible on such Payments . The Transaction is Sale of Goods The Supplier has Collected GST and TCS in its Invoice
1) Refer Circular 13 of 2021 dated 30-6-2021 of CBDT , Guidelines under section 194Q of the Income Tax act .
2) Also refer section 194Q of the income Tax act 1961 .
Thank You All,
Thanks, Mr. Prasad
Your welcome
Welcome
Thank you
In your case, no TDS liability upon you under sec 194Q, as supplier charged TCS in Bill. Other wise if your turnover in PY more than 10.00 Crore than TDS @ .10 to be deducted on the purchase more than 50.00 lac from 01.04.21
Yes, This is the right answer for my query,
Thank you Mr. SATISH KUMAR,
Thank You, Very Much
Recent Topics :
- Itr 4 problem
- Capital Gains Mismatch Due to Sale Agreement in FY
- REGARDING NRO INVESTMENT IN SHARES OF DOMESTIC COM
- DTAA benefits
- SUPPLEMENTARY AGREEMENT FOR ADDING A PARTER IN TN
- Part availmement of ITC in case of rejection of su
- Due date for itr 5 no audit with loss for fy 25 26
- Capital Gains Mismatch AIS
- Inward E-way bill from Tally Prime 7.1
- Query regarding exemption under Section 10(10AA) &
Related Topics :
CAclubindia
