Tds on transaction value exceeding Rs. 50 Lakhs

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.

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 

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