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Deduction U/s 194Q ( tds on purchase of goods) wef 01 07 2021    Click here to Write Reply

provisions related to  Deduction U/s 194Q ( tds on purchase of goods) wef 01 07 2021
Post by - fiit team , Jun 25 2021 6:30PM Last Post By - ramesh bhatia Jun 25 2021 6:33PM


Reply by - ramesh bhatia , Jun 25 2021 6:33PM

ALERT !!!

 

 Deduction U/s 194Q ( tds on purchase of goods) wef 01 07 2021

 

Wef 01/07/2021 where turnover exceeds 10cr in previous year tds on purchase of goods is to be deducted @ 0.1% on purchase amount in excess of Rs. 50 lacs party wise.

Further we should  continue to collect Tcs if buyer turnover is less than 10 cr.

Further if seller do not give pan number tds rate is 5%

For the said purpose please arrange to send enclosed letter to seller as a intimation regarding applicability of section 194Q