For the FY 2023–24, TDS is to be deducted on the entire amount of the purchase of goods or on an amount exceeding Rs. 50 lakhs.
Example: The total amount of purchase goods would be Rs. 1 crore, and TDS is to be deducted on either Rs. 1 crore or Rs. 50 lakhs.
Same for TCS u/s 206C(1H)
Such TDS u/s. 194Q IT act is to be done for the purchase of goods of the value/aggregate of the value exceeding Rs 50 lakh.
Similarly, a seller is required to collect tax at source at 0.1% on receipt of consideration of value exceeding Rs.50 lakh in a financial year from the buyer.
Chirag N Shah & Associates
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