Menu
Tds0.1 sec194q
It is applicable only when buyer and seller turnover above 10cr.it is correct or not
Replies (3)
194Q is applicable only when BUYER'S turnover/gross-receipts/sales is >10 cr in the preceding year.
Not clear
194Q is for buyer and turnover of only buyer will be considered here for 10cr limit.
For seller there is TCS u/s 206C(1H), here the turnover of seller will be considered for 10 cr limit.
BUT..
As per provision, TDS 194Q will have priority over TCS 206C(1H).
It means that where a buyer is liable to deduct TDS on a purchase transaction under Section 194Q, the seller shall not collect TCS on same.
In your case only buyer's turnover limit will be considered for 10 cr. Seller's turnover is not relevant.
For seller there is TCS u/s 206C(1H), here the turnover of seller will be considered for 10 cr limit.
BUT..
As per provision, TDS 194Q will have priority over TCS 206C(1H).
It means that where a buyer is liable to deduct TDS on a purchase transaction under Section 194Q, the seller shall not collect TCS on same.
In your case only buyer's turnover limit will be considered for 10 cr. Seller's turnover is not relevant.
Recent Topic
- Dividend difference in 26AS, AIS, TIS
- 194JB INCOME
- Filing ITR3 where income under section 44AD with L
- What is superannuation fund
- GST Refund of input services under Inverted Duty S
- Dividend Reporting
- Real operational bottlenecks after firms use Tally
- Purchase return under gst
- Long Term Capital Loss - cannot be carried forward
- Cross-utilization of ITC between Trading and Resta
Related Topics
CAclubindia
