One of my client is running a petrol pump business. they bought petrol worth Rs. 12 crore during F.Y 2020-21 from Indian Oil Corporation Limited .. is there a requirement to deduct TDS u/s 194Q?
rama krishnan
(12244 Points)
Replied 15 February 2022
Tds liability arises only when your turnover exceeds rs. 10 crores during the f. y. 2019-20..if yes, then you are required to deduct TDS under section 194Q