Whether we have to deduct TDS U/s 194Q for the suppliers for whom we deducted TDS on purchase in PY 2021-22 without considering limit of Rs.50Lakhs for this FY 2022-23.ie, From the first bill itself to deduct TDS in FY 2022-23 or to Consider limit of Rs.50Lakhs for this FY...
Please clarrify in this regard...
Thanks in Advance
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TDS U/s 194Q calculation for FY 2022-23
Replies (14)
Quick Summary
TDS rate under section 194Q is 0.1% is seller not provide pan no. rate of TDS is 5% on exceed payment of Rs. 50 lakh in PY.
Condition 1 - Buyer Last Year turnover more than 10 crore then he is eligible for deducted tds.
Condition 2 - Purchases in PY is more than 50 lakh then section 194Q apply.
Rate of TDS under section 194 Q
If Seller PAN provided - 0.1% of exceeds payment of 50 lakhs
If Seller not Provided PAN - 5% of exceeds payment of 50 lakhs.
Condition 1 - Buyer Last Year turnover more than 10 crore then he is eligible for deducted tds.
Condition 2 - Purchases in PY is more than 50 lakh then section 194Q apply.
Rate of TDS under section 194 Q
If Seller PAN provided - 0.1% of exceeds payment of 50 lakhs
If Seller not Provided PAN - 5% of exceeds payment of 50 lakhs.
Py previous year or present year, please clarify
Purchase amount exceed 50 lakh in PY (Previous Year)
Previous year...
We have crossed 10 crore in last year.and previous year our party exceeds 50 lakh ,Now, we have deduct the Tds 194Q in the april-2022 first bill. it is correct...........
Yes, correct you eligible for deducted TDS under section 194Q of rate of 0.1% ( PAN provide)
if PAN not provide then deducted TDS at the rate of 5% of exceeds payment of 50lakh
if PAN not provide then deducted TDS at the rate of 5% of exceeds payment of 50lakh
Ok sir, but parties are says why deduct the TDS because current financial year not exceed 50 lakh, so,what can I do. kindly provide the notification of the above sir.
Value of those goods exceeds Rs.50,00,000/- in a calendar year
You should deduct the TDS after the limit of Rs. 50 Lakhs is taken into consideration in the current FY.
Post crossing purchases Rs.50 Lakh in the current financial year you need to deduct TDS u/s.194Q includes condition your previous year turnover also crossed 10crore
Post crossing purchases Rs.50 Lakh in the current financial year you need to deduct TDS u/s.194Q includes condition your previous year turnover also crossed 10crore
But condition apply 194Q effect from 01.07.2021
Very confusing why govt. Not clarify before fy started
Sir we have two GSTIN in different states in one PAN based, Last FY 21-22 our Turnover in each GSTIN below 10 crores (but altogether it exceed 10 crores). Last FY 21-22 we have deducted TDS U/s 194 Q on purchases. Now April'2022 our purchase exceeds Rs.50 Lacks in each GSTIN, now what will do ?
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