TDS U/s 194Q calculation for FY 2022-23

7417 views 14 replies

Kesavaraj S

582 Points Posted on 05 April 2022

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

Replies (14)

Vikram Suthar

23 Points Posted on 05 April 2022

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.

PRABAKARAN S

Accountanat

45 Points Posted on 05 April 2022

Py previous year or present year, please clarify

Vikram Suthar

23 Points Posted on 05 April 2022

Purchase amount exceed 50 lakh in PY (Previous Year)

Kesavaraj S

582 Points Posted on 05 April 2022

Previous year...

PRABAKARAN S

Accountanat

45 Points Posted on 06 April 2022

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...........

Vikram Suthar

23 Points Posted on 06 April 2022

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

PRABAKARAN S

Accountanat

45 Points Posted on 06 April 2022

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.

Vikram Suthar

23 Points Posted on 06 April 2022

Value of those goods exceeds Rs.50,00,000/- in a calendar year

CA Puja Sharma

Chartered Accountant

5010 Points Posted on 06 April 2022

You should deduct the TDS after the limit of Rs. 50 Lakhs is taken into consideration in the current FY.

Vasant

Accountant

75 Points Posted on 06 April 2022

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

Vasant

Accountant

75 Points Posted on 06 April 2022

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

Vikram Suthar

23 Points Posted on 06 April 2022

But condition apply 194Q effect from 01.07.2021

Sandeep Kumar

2 Points Posted on 28 April 2022

Very confusing why govt. Not clarify before fy started

karthigeyan

Individual

25 Points Posted on 06 May 2022

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 ?