Section 194Q - TDS on Purchase of Goods | CA Monica | தமிழ் скачать в хорошем качестве

Section 194Q - TDS on Purchase of Goods | CA Monica | தமிழ்

Section 194Q - TDS on Purchase of Goods | CA Monica |Tamil Mail: yourauditornetwork@gmail.com Insta id: our_ca_network 1. Date of Applicability of Section 194Q With effect from 1st day of July 2021 2. Rate of TDS 0.1% on gross purchase value. 5% where a seller can't provide PAN to the purchaser. 3. Persons responsible for deducting TDS on purchase of Goods A buyer whose total sales, gross receipts and turnover from business exceeded rupees ten crores during the financial year immediately preceding the financial year in which purchase of goods is carried out. 4. Threshold limit of purchase to deduct TDS An eligible buyer (see point no. 3) shall deduct TDS @0.1% on such portion of purchase value that is exceeding rupees fifty lakh. Threshold limit of rupees fifty lakh shall be calculated separately for each individual seller from the perspective of the buyer. Threshold limit of rupees fifty lakh is to be calculated for each year separately. Value of a single transaction may be more than rupees fifty lakh or cumulative value of more than one transaction may cross the threshold value. Value of purchase from each individual seller shall be calculated from the first day of a financial year. The moment it exceeds rupees fifty lakh the buyer will start deducting TDS @0.1%. 5. Residential status of seller The seller shall be an Indian Resident. Payment for purchase to non-resident does not come under the purview of section 194Q. 6. When TDS shall be deducted by the buyer TDS shall be deducted at the time of credit of purchase value to the account of the seller maintained in the books of the purchaser or at the time of actual payment thereof, whichever is earlier. 7. Cases where section 194Q is not applicable The provisions of section 194Q are not applicable in the following situations: Tax is deductible under any other provisions of the Income Tax Act, 1961. Tax is collectible under the provisions of section 206C other than a transaction to which section206C (1H) applies. 194 q vs 206c(1h) 194q vs 206c 1h 194q vs 206c 194q tcs 194q new section tds on 194q tds on purchase of goods under gst tds on purchase of goods new section 194q tds on purchase of goods above 50 lakhs tds vs tcs, sec 194q, TDS on Purchase of Goods, income tax sec 194Q, 194Q, applicability of sec 194q, section 194Q, New Section 194Q in Income Tax applicable from 1 July 2021, sec 194q applicable from, budget 2021, income tax, tds rate, rate of tds in sec 194q, tds on purchase of goods under income tax, tds on purchase of goods under section 194q, tds, tds limit, income tax updates, income tax latest updates 2021, TCS on sale of goods, income tax amendments 2020, change in tcs 2020, TCS Section 206C, TCS 206C (1H), TCS on sale, section 194q of income tax act section 194q and 206c(1h) section 194q tds section 194q bare act section 194q faq section 194q with examples section 194q finance act 2021 tcs on sale of goods under section 206C(1H), tcs on sale of goods above 50 lakhs, tcs on sale of goods under income tax, tcs on sale of goods applicability, Who has to collect TCS on Sale of goods, Rate of TCS on sale of goods, tds deduction rules in tamil tds deduction and return filing sec 194q of income tax act