Section 194Q I TDS on Purchase of Goods

Last updated: 11 February 2021

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This guide explains Section 194Q, a crucial change in Indian tax law regarding Tax Deducted at Source (TDS) on the purchase of goods. It details when TDS applies, specifically for buyers making aggregate purchases over Rs. 50 lakhs from a single resident supplier in a financial year, provided the buyer's previous year turnover exceeded Rs. 10 crore. The document clarifies calculation methods, penalties for non-compliance (including a 30% disallowance of purchase value), and situations where TDS is not required. It's an essential resource for businesses and finance professionals navigating this new regulation.

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Submitted by rajat jain · Posted 11 February 2021 · Other files by rajat jain · Report

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