TDS on payment of certain sum for purchase of Goods-New Section 194Q inserted by The Finance Bill Budget 2021-22
Applicability of Section 194Q
This Section Applies to an Assessee (Buyer) whose Gross Receipts/Sales/Turnover in the Preceding financial year Exceed Rs. 10 Crore & when Aggregate amount of purchase from a particular buyer in the financial year Exceeds Rs. 50 Lakh.
Non-Applicability of Section 194Q
- A transaction on which tax is deductible under any provision of the Act
- A transaction, on which tax is collectible under the provisions of section 206C other than transaction to which sub-section (1H) of section 206C applies
Source Taxguru
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