TDS u/s 194Q on purchase of diesel

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CFO
26 Points Posted on 01 April 2022

My company purchases diesel from a vendor for running our plant. should we deduct TDS if the amount of purchases exceeds 50 lakhs

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On 01 April 2022 at 10:27 Report
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Quick Summary
This discussion clarifies whether TDS needs to be deducted when purchasing diesel for a company's plant. The consensus is that TDS at a rate of 0.1% under Section 194Q is applicable if the total purchase amount from a vendor exceeds ₹50 lakhs within a financial year.

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CA
10436 Points Posted on 01 April 2022
Yes...
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On 01 April 2022 at 10:50
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Chartered Accountant
5010 Points Posted on 01 April 2022

Yes TDS to be deducted where the purchase exceeds Rs, 50 Lacs during a FY 

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On 01 April 2022 at 12:31
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CFO- at NHTF
58280 Points Posted on 01 April 2022
0.1% Tds applicable under section 194Q
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On 01 April 2022 at 13:17
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CFO
26 Points Posted on 01 April 2022

thank you everyone for your valuable input. i had the same doubt but just decided to ask once

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On 01 April 2022 at 14:43

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