TDS on purchases under section 194Q wef 01 July 2021
TDS On Purchases Of Goods ( Sec 194Q) As per section 194Q(1) “ Any person, being a buyer who is responsible for paying any sum to any resident (hereafter in this section referred to as the seller) for purchase of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, shall, at the time of credit of such sum to the account of the seller or at the time of payment thereof by any mode, whichever is earlier, deduct an amount equal to 0.1 per cent. of such sum exceeding fifty lakh rupees as income-tax.” 1. Applicability:- All the purchaser whose turnover in preceding year is more than 10 crores is liable to deduct TDS on those transactions which meet the criteria :- ü ü Goods must be purchased from resident. ü Goods purchased for a value of excessing Rs 50 Lakhs. TDS has not been deducted under any other provision of the ...