TDS U/s 194Q

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582 Points Posted on 01 July 2021
Is it mandatory for the buyer to collect declaration from seller and seller also in his turn collect declaration from buyer for TDS U/s 194Q & 206AB. Whether Compliance check functionality in IT dept reporting portal shows the respective turnover of the given PAN or not?
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On 01 July 2021 at 22:40 Report
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This discussion clarifies the requirements for TDS under Section 194Q and Section 206AB. It explains that while collecting declarations from buyers and sellers isn't strictly mandatory, it's highly recommended to avoid confusion regarding who deducts TDS and the applicable rates. The functionality of the IT department's reporting portal for compliance checks is also touched upon.

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GST Consultant
15986 Points Posted on 02 July 2021
Collecting declaration is not mandatory but it sure clear things between parties as who will deduct/collect and how much.
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On 02 July 2021 at 00:04
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582 Points Posted on 02 July 2021
Thank you so much...
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On 02 July 2021 at 07:56

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