194Q | TDS on Purchase of goods | w.e.f. 01.07.2021 | 194Q of Income Tax |examples के साथ समझिए|

[@princyverma5138]

Thank you sir for such a wonderful explanation 😊

[@CAAbhiJain]

You r always welcome

[@rams5474]

Last year in the Budget speech the FM said they simplify the law so that there is no need for you to go to a CA to file your tax return. But now you see various provisions are added which surely needs a CA or Advocate for your tax filing. Tax filing is fundamentaly to see you comply with all the provisions of taxation not only of your income but mainly about various sections of applicable to you and delays in payment to government such as PF, ESIC, TDS TCS and others. They don't bother about your liquidity problems or whether your receivables are received on time which has the major tax eliment in it. Even before the buyer settle his payments to you, your liability to remit tax to government comes. No one talk about this. This is a major hardships of a business. Big companies make their rule to remit their amount and only after that they deliver goods. They become richer and richer but small businesses suffer. CA and Lawyers should fight for this problem to bring in relief to businesses.

[@nathmaljain3240]

Bahut achhi tarikee ae Samjhaya hai...thank u👍

[@CAAbhiJain]

Thank u😊

[@dattatraynaik1831]

Sir, calculation of turnover in 194q. Purchase of goods (taxable) and debit note less or not in turnover..

[@CAAbhiJain]

It will be adjusted

[@caseemamaini]

if prop to partnership conversion then 50cr limit of previous year how to be checked??

[@CAAbhiJain]

Identity of both are different...then separately...my view

[@HeenaMalik-f5b]

Sir every year Hume 50 lakh tk bill pr nhi lagana hoga ya fir ek baar htana h

[@CAAbhiJain]

Every year

[@PankuSharma-vi7mw]

Sir please clear kriye, 50 lakh ke baad applicable hoga ya total F. Y. Ki etntries par ktega

[@CAAbhiJain]

After 50 lakhs

[@satyapriyomondal566]

Previous year turnover/Gross receipts/Sales are not exited 10 CR. and Current f.Y. purchase of Goods more than 50 lakhs then what to do?

[@CAAbhiJain]

No need to deduct TDS..

[@satyapriyomondal566]

@@CAAbhiJain Thank you Sir Ji🙏🙏🙏🙏🙏🙏

[@ratishkumar6681]

Humhum purchase kar rahe hai usme commission add hota hai us oar 94h dedudy kar rahe hai ab 50 lac excedd karne oar 94q bhi katega kaya ji ek bill par 2 reference add hoge kaya ji

[@CAAbhiJain]

Ji commission par H and rest Q

[@NeerajKumar-nj4zt]

Sir mera ek sawal hai jiska bhi tcs ya tds hamne kata hai fy22-23 me kya uska tds tcs is bar fy 23-24 me 1st sale bill pe kat skte hai ya is sal bhi 50lakh cross hoga tab katna hai Please Sir reply ....

[@CAAbhiJain]

50 lakh ke bad

[@akritisharma9066]

Thnk u sir. Very helpful 👍.i was so confused earlier but now all clear. And waiting for next video about 206(1H).

[@CAAbhiJain]

Thank you for your ..words...😊😊😊👍

[@kameswarisarada9]

Sir Please explain whether we need to deduct tds on electricity charges if it crosses 50lakhs

[@CAAbhiJain]

provisions of section 194Q of the Act shall not be applicable in relation to transactions in electricity, renewable energy certificates and energy saving certificates traded through power exchanges registered in accordance with Regulation 21 of the CERC; otherwise applicable....

[@gurdeepsinghadol1313]

Sir kindly tell me weather Purchase of electricity covered under this section or not?

[@anjalijain4626]

Sir purchase ke against freight charges ka debit note agar deta hai koi to uspe 194q lagega kya ya agar goods return ka note hai to charge hoga kya

[@CAAbhiJain]

Agar aap freight par other section me TDS katate ho like u/s 194c then nahi katega... Return kiya to uska tds agale invoice me adjust karna hoga

[@apurvansh4901]

Sir if purchase exceeded 50 lacks in current year then we will deduct ,ok. Will this be continued next year also or we will deduct tds next yr again when 50 lacks crossed next year. Means whether we have to see individual yr 50 lakhs or once it is applicable in current yr then it will continue in following yr also?

[@CAAbhiJain]

Every year 50 lakhs..

[@avinashsharma186]

What about GST TDS. Will GST TDS will be deducted on amount including TCS or only on basic value

[@rahulvajare7577]

Sir, Solo proprietorship convert into private limited. Then 10cr PY turnover limit condition apply or not

[@CARRIER-GROW-WITHSUSHIL]

Sir agar ak company se hum purchase b krte h or whe company se hum job work b krwate h to kya dono p tds deduct krna ho ya 194-c only Ya jobwork k elawa alag se purchase Jo h 50 lac + dekh k ospe p 194Q b lgega

[@CAAbhiJain]

It's better to take separate bill...and deduct TDS as per 194Q on Goods and 194C on job work

[@niraj6734]

50 lacs is taxable value or total invoice value??

[@santoshmohanty2021]

Sir, seller has already deducted of TCS on sale for goods, so purchaser can deduct of TDs@0.1% for purchase of goods???

[@anandgupta6906]

NO

[@CAAbhiJain]

Yes....194Q liability always be there ...if seller charge TCS ...then also 194Q liability is there....ask seller not to charge TCS

[@satyachd2006]

It is very useful video

[@CAAbhiJain]

Thank you👍👍🙂

[@anilkumar-cl2me]

Sir I have an doubt about excess of 50 lakhs consideration / purchase is including service and goods or only goods

[@CAAbhiJain]

194Q excluded

[@Gauravmaratha]

Invoice amount

[@ashishsable5932]

Sir, humne government department se scrap purchase kiya hain, 1 cr. Ka To kya hum tds 194Q section se TDS katega kyA

[@CAAbhiJain]

194Q is chargeable....inspit whether TCS is charged or not under section 206C1H

[@SHAHIDHUSSAIN-wb2us]

Sir jis party ko good sale karte hai us party ne hamara 21-22 me tds cut Kiya jiski turnover 25 lakh .or ab 22-23 me tds jo tds cut hoga wo 50 lakh ke uper hoga ya hamari 21- 22 me hi exampt Seema khatam ho gayi.please guides me ya tds duduct ki limit per years 50 lakh free rahega

[@CAAbhiJain]

22-23 me alag se 50 lakh ki limit hogi

[@abhinandansharma642]

Excellent work sir

[@CAAbhiJain]

Thanks a lot..dear

[@chandankr.chaudhary4398]

I have subscribed, you are creating very good content. Thank you 😊

[@CAAbhiJain]

Thank you for your inspiring words..😊

[@sugandhraghav2549]

Sir question hai ki ager 1 . Suppose April main 1cr ki purchase or upse 0.1% tds jama kara diya 2. Next month 30 lac ki purchase return ho gyi to gya tds 70 lac pe jama karna ho hoga ?

[@satishbale7574]

=80,00,000*0.1%=8000 Note: If seller turnover moro than 10crore Precedeeing FY..

[@SUNNYKUMAR-kx3qu]

Thanks a lot sir..for this informative video

[@CAAbhiJain]

Thank you..😊😊

[@rimadas2296]

SIR, MAINE MAY, 2021 ME CHEQUE DWARA POST OFFICE SB A/C SE 800000/- CASH NIKALA HAI. IS WITHDRAWAL KE LIYE KIYA 0.5% CHARGE DENA PAREGA? PLEASE TELL ME.

[@CAAbhiJain]

Nahi...lagna chahiye...interest par lag sakta hai....wo kis section me TDS kat rahe hai?

[@rimadas2296]

@@CAAbhiJain Sir, Is withdrawal ke liye abhitak nahi kata hain. MARCH ME KAT TA HAIN.

[@RahulGupta-iv5ku]

Sir ..u really explained in a very simple way ...and vanish all the doubt..thanks for being with us..sir ..its my first video ...on Ur Chanel ..an I really loved it and subscribed immediately.thanks again for being with us.

[@CAAbhiJain]

Thanks a lot for your compliment...means a lot for me..thanks once again...😊👍

[@sandeepsingh-zt6re]

Sir 50 lac se agr 60 lac ho difference 10 lac ka. Uske taxable value pr tds deduct hoga ya cgst Or sgst pr b

[@CAAbhiJain]

10 lakh ..taxable value par

[@sandeepsingh-zt6re]

@@CAAbhiJain 10 lakh only taxable value pr ya including 10 lakh plus cgst and sgst

[@lovewithnature8206]

Invoice value par tds deducted hoga kya

[@CAAbhiJain]

Yes... if invoice received then without GST...and if payment ..then on all amount

[@vansharora8539]

sir, we have purchased goods from local dealer through high sea purchase , we deduct tds only on commission, will 194q be applicable in this case....

[@CAAbhiJain]

If all conditions fulfil then yes...

[@budharmalkailashchand1797]

Sir we are trading sugar and purchase from sugar mill and we paid full amount in advance than mill supplies sugar and charged TCS Please clear Karen ki Mujhe TDS kese charge karna Hai Please share your valuable

[@CAAbhiJain]

Aap jab purchase kare या payment kare jo bhi पहले हो...aapko TDS katna hai...aap seller ko mana kar dijiye...wo TCS charge नहीं करेगा...

[@sanjitbhagat7763]

Which amount need to be consider by purchaser.for deduction of tds u/s 194q either taxable amount or invoice amount?

[@CAAbhiJain]

Taxable

[@sandeepsharma-ho5ei]

Sir 50 LACS se plus amount per TDS katega ya total per Suppose We purchased rs 70 LACS TDS deducted on 20 LACS or 70 LACS

[@taxdesign4757]

TDS on 20 lacs #TaxDesign

[@CAAbhiJain]

On 20 lakhs...provided last year 10 crores limit crossed

[@deepalishinde6535]

What if next paurchase of 30 lacks how much TDs will be deducted

[@excelpath108]

Good one....thx for sharing

[@CAAbhiJain]

Thank you...😊

[@miteshmachhi9962]

TDs taxable value pe katega ya with gst whole amt per

[@CAAbhiJain]

My view ..excluding gst

[@CARRIER-GROW-WITHSUSHIL]

Sir agar creditors ko march month m 24 lac dene h or april m 55 lac pay keye to kya 55 lac advance payment m treat krege kya or 194q applicable hoga ?

[@CAAbhiJain]

50 lakhs limit hame har saal dekhni hai hai....

[@CARRIER-GROW-WITHSUSHIL]

@@CAAbhiJain mean 5 lac p tds deduct kro sir fir party ka same same day. m wapis b aagye h 60 lac

[@anjalijain4626]

Sir Fy 20-21 ka mera turnover 12 cr hai islie main 21-22 me 194Q ke lie eligible ho gai to ab jo mere seller ki opening balance 24 lacs ki payment krni hai muje to kya uspe b Tds katna hoga kya and ye purane bills pe tcs laga hua hai

[@CAAbhiJain]

My view No..

[@elizafernandes1469]

If in any previous year purchase exceed 50lac. Will tds be applicable in current Fy for purchase of good of the vendor below 50lac

[@CAAbhiJain]

No...it is every year 50 lakhs

[@pareshyeole6174]

Sir partnership wali construction firm hey uska Turnover 15 crore hey agar use Kisi goods purchase Ka payment above 50 lakh Karna hey in whole year to seller Ka TDS Katna Hoga kya agar Uske bill Mey TCS nahi laga hey

[@CAAbhiJain]

Above 50 lakhs TDS katega...

[@mayurpeve8356]

Sir agar buyer ka turnover 10 cr se kam hain aur seller ka 10 cr se jada hain , but sell bill banate time pe kya muze TCS .0.10% karke bill banana hain ya nahi?

[@CAAbhiJain]

At the time receiving...you need to charge TCS

[@vinusshorts1994]

Sir tds basic amount ke uper deduct hoga ya with tax ke uper deduct hoga

[@CAAbhiJain]

Basic par ..agr advance payment to pure par

[@vinusshorts1994]

@@CAAbhiJain thank u sir👍👍

[@RockingAB]

Sir mera buyer TCS cut kar raha ha mera ko jab sale kar raha ha tho but last year mera turnover 10 cr ka upar ha soo kya ma tds cut Karu kya purchase bill ma please sir marg darshan kijya

[@CAAbhiJain]

Aap use mana kar dijiye ki tcs नहीं kate...aapko TDS katna hai

[@samkhan1180]

Sir agar Saller bill me TCS amount add karke bhejta he bill me to kya purchaser bhi payment me TDS deduct karega .

[@CAAbhiJain]

Yes...

[@samkhan1180]

@@CAAbhiJain thank you sir ❤️

[@alcbhilwara1188]

@@CAAbhiJain sir in reply to other query you mentioned that no tcs where tds deducted... pls clear

[@rimadas2296]

SIR, IN AY 14-15 , MERI INCOME TAX HUA THA 440/-.MERI SALARY SE 443/- KAT LIYA GAYA THE SALARY PAYING AUTHORITY DWARA. LEKIN IT DEPT. SE AB 440/- DUE HAI DIKHA RAHA HAI (AY-14-15) ISKA NOTICE AYA HAI & E-FILING SITE PAR DIKHA RAHA HAI. AB KIYA KAREIN. PLEASE HELP ME.

[@CAAbhiJain]

Check 26AS...match the data... and reply accordingly...

[@rimadas2296]

@@CAAbhiJain Sir, Reply me disagree ka reason kiya de? Option me se choose karna par raha hai. Aur ek baat wo TAX/TDS under section 192 ME KATA GAYAVTHA 2014-15 ME.

[@hansamaheshwari7611]

Purchase value me gst ke part par bhi tds apply hoga kya?

[@CAAbhiJain]

Nahi...

[@divyajangir5732]

If a person has a company.. And electricity expenses for the same is more than 50 lakh for a year, is tds u/s 194 q required to be deducted for the same?

[@CAAbhiJain]

Check whether electricity is goods...if yes the 194Q applicable

[@nikhilkedar7591]

We are govt company. Our vendor submit invoice of work done for us. In that work material also included. So we deduct 194Q alongwith 192C. So how can we file return?? (192C & 194Q deducted on same invoice and same amount)

[@CAAbhiJain]

For goods 194Q and for service C

[@nikhilkedar7591]

@@CAAbhiJain How about the amount??? For eg. Vendor submitted invoice for rs.100. In that invoice material of rs 70/- includeee We deduct 2% 194C & 0.1% 194Q. When we file return we shows 194C amount credited is Rs.100/- and tax Rs.2 and 194Q amount credited is Rs. 70/- and tax Rs.0.07. Tax amount get match but Gross amount of vendor goes 170/-. Which is actually only 100/-

[@ranjanjammar2256]

Sir my firm last fy 2020-21 turnover was 2.5 crore par is saal humlogo ka koi bhi bill 1 crore ka hota hai to hum kya purchaser ka tds kate ki nahi

[@CAAbhiJain]

Nahi

[@anujsaw]

Sir, mediclaim me jo paisa paid karte he, company pure paisa ka 80D certificate deta he, lekin office GST minus karke 80D exemption karte he, which one is correct, company certificate or real amount of mediclaim, please explain in your youtube channel

[@keshavsahu3037]

sir if my turnover in Preceding Year is below 10 cr but in the current year it crossed 10 crores so do I am required to deduct TDS in the current financial year if I have already purchased goods worth Rs 50 lakhs or more unfer section 194Q please reply

[@CAAbhiJain]

Not required ....as last year turnover is below the eligible limit

[@akashjain673]

Sir,agar seller tcs collect kar kar raha hai aur buyer ka turnover 10 cr se jyada hai,to tds katna parega kya buyer ko?

[@CAAbhiJain]

Yes...seller ko mana kar do...wo TCS charge nahi karega

[@akashjain673]

@@CAAbhiJain Sir June mehna ka seller collect kar liya,uspe bhi buyer ko tds katna parega na..

[@CAAbhiJain]

No..

[@sandeepchavan5181]

Sir, practical problem first sale doing and tcs will charge under 206c 1h in invoice then purchase payments will done and 194q will applicable. My question is how seller will dicided tds will deduct 194q at the time of he generat invoice with tcs when he sending goods ?

[@CAAbhiJain]

Take declaration..: format *Word Format related to new compliance u/s 194Q & 206C(1H) w.e.f 01.07.2021 and video of interplay between these 2 sections:* 1. Format of letter issued by Buyer & declaration by Seller for the purpose of section 194Q & 206C(1H) www.linkedin.com/posts/ca-abhishek-jain-5b153920_format-letter-declaration-issued-us-194q-activity-6809281671020478464-TVkH 2. Format of letter issued by Seller & declaration by Buyer for the purpose of section 206C(1H) & 194Q www.linkedin.com/posts/ca-abhishek-jain-5b153920_format-of-letter-declaration-issued-us-activity-6809282767541547008-j9Ij *Video related to Interplay between Section 194Q & 206C(1H):* kzbin.info/www/bejne/d3Wrf3ljZqqii5Y Thanks, *CA Abhishek Jain* *9953428119* *Delhi*

[@meenareddyindu2879]

Sir I have one doubt please clarify me 1. We are collecting TCS under 206C(1H) for sales above 50lacs and filing returns quarterly. 2. We have purchased a 4.5cr of gold bullions upto July from X now my question is we have to deduct tds for July month purchases of 85 lacs since he has not charged under tcs 206C(1H) from July before that he has charged us tcs for the purchases made by us

[@CAAbhiJain]

194Q is primary liability....you need to deduct TDS

[@meenareddyindu2879]

@@CAAbhiJain Ok sir thank for the reply ...

[@ankitrajakahoonkaar6927]

Is 194q applicable on gift cards ..?

[@CAAbhiJain]

Check 194R..if R applicable than 194Q not

[@adeeshgarg3382]

Sir previous year mai turnover 3.5 CR thi but this year turnover is going to touch 20 cr is tds 194 q applicable

[@CAAbhiJain]

Last year should be 10 cr

[@ranjithap6601]

194q override 206C ,when both t/o crossed 10cr , but what if seller deducted tcs on sale which is reflecting in 26AS so now purchaser no need of deducting tds on purchase of good???.. . Please reply

[@CAAbhiJain]

Liability on purchaser to deduct TDS...irrespective of TCS 206C1H

[@RAJkumar-gj3wk]

@@CAAbhiJain but sir circular mai likh hai seller collection TCS then buyer is not deducted tds again

[@CAAbhiJain]

No...194Q is primary liability...last paragraph create some confusion but my view 194q is primary liability as section says...

[@RAJkumar-gj3wk]

@@CAAbhiJain However, if, for any reason, tax has been collected by the seller under sub-section (I H) of section 206C of the Act, before the buyer could deduct tax under section 194-Q of the Act on the same transaction, such transaction would not be subjected to tax deduction again by the buyer. This concession is provided to remove difficulty, since tax rate of deduction and collection are same in section 194Q and sub- section (IH) of section 206C ofthe Act.

[@RAJkumar-gj3wk]

@@CAAbhiJain If tds deducted now and tds return revised before due date of tax audit then exp allowed or 30% disallowed

[@rajnisujanani752]

What is the difference between 0.1 and 0.01% u/s 194q

[@rajnisujanani752]

Aur kab konsa % applicable hoga?

[@CAAbhiJain]

Its .1%

[@CAAbhiJain]

Its .1%

[@harishpant6726]

Sir, i have a question. If seller raise an invoice of material with installation charges separately mentioned in invoice. How buyer will deduct tds on it? Will he deduct tds u/s 194Q on material cost and u/s 194C on installation cost? What if seller charge installation charges in separate invoice?

[@CAAbhiJain]

Better to take separate invoice ...and deduct TDS separately...

[@harishpant6726]

@@CAAbhiJain Dear Sir What if seller has already raised an invoice of material with installation charges separately mentioned.

[@nidhitaparia3825]

Please clear this doubt : If i am making payment of 10 lacs in july 21against purchase made in april 21 and the threshold has crossed. Is tds applicable on that payment lf 10lacs ??

[@CAAbhiJain]

If purchase made before July and payment for the same made in July then no applicability

[@nidhitaparia3825]

@@CAAbhiJain thanks sir.

[@nehajindal7687]

10Crore above turnover vale buyers are required to deduct TDS, this 10crore include with gst or without gst?

[@CAAbhiJain]

No clarification yet.. my view excluding..

[@nitirampegu6284]

Sir I'm below 60. Can I claim my senior citizens parent's under 80 d medical expenditure ?

[@utsabroychoudhuri930]

Agar turn over 10cr+ hai or TCS hamara kat raha hai to kya to kya tds varna zaruri hai??

[@CAAbhiJain]

Tds jaruri hai....TCS ke liye mana kar do

[@khadarbasha8080]

Good Explanation sir

[@CAAbhiJain]

Thanks a lot💐💐

[@CaSandeepkrSaini]

I am blessed, being student of you. I been tought by you sir during my cpt.

[@CAAbhiJain]

Thank you dear...😊..great to know ..you were there at that time...👍👍

[@nileshbhatkar5512]

One more question we are Builders we purshase goods like Cement, Electronic goods others. and we have not purshased gud above 10 crores last year F. Y. 2020-2021 are we liable to Deduct TDS in F. Y. 2021-2022

[@CAAbhiJain]

You need to check turnover/gross receipts/sales...exceeding 10 crores ..if not crossed then no liability

[@PUNEET_PRAKASH_GUPTA_RESEARCH]

if purchase 70 lakh and above before 30 june and amount is balance more than 50 lakh than tds is applicable ? if applicable how much amount ?

[@CAAbhiJain]

On or before 30th June then no applicability.....on 70 lakhs....

[@mushirahmad6970]

Is this section application to a Central University ? Regards

[@CAAbhiJain]

Yes..if eligibility satisfied..

[@Rks_Bihari]

50lacs means including gst or material value only... Which amount will considered?

[@shoaibkhan-bd4ir]

Material value excluding gst

[@deepikainani5365]

Seller sold Goods plus freight than tds to be deducted on which value goods or goods inclusive freight

[@CAAbhiJain]

If single bill better inclusive

[@sidhant5366]

if both seller and purchaser turnover is over 10 cr than what will be charges tcs or tds or both?

[@CAAbhiJain]

TDS

[@vijaygoyal180]

If there is sale of E mobile recharge voucher (on which no other TDS is applicable) which is covered under Service accounting code 9984 in GST. Whether TDS will be applicable on such sale of E mobile recharge voucher.

[@CAAbhiJain]

You need to check whether these covered under goods or not....? If yes then...194Q applicable subject to fulfillment of other conditions

[@farmsindiachickenfic8450]

Sir In my concern p.y. turnover doesn't exceed 10cr. But this year purchase from single person exceed 50 lak. 194 q applicable in this case. Plz reply

[@CAAbhiJain]

No

[@ArvindKumar-zj7jz]

It was a helpful content...

[@CAAbhiJain]

Thank you...😊

[@amritashah6299]

What about applicability of section if one has opening balance of 60 lacs which has been paid from april 2021 and in upcoming months????

[@anjalijain4626]

I have the same question, did u get answered

[@amritashah6299]

@@anjalijain4626 no

[@CAAbhiJain]

Sorry for replying late...skipped...no tds on opening balances as on 1.4.21 as 50 lakhs limit need to be checked for every financial year....

[@CAAbhiJain]

Sorry for replying late...skipped...no tds on opening balances as on 1.4.21 as 50 lakhs limit need to be checked for every financial year....

[@ahmadsarfaraz7630]

if turnover last preceding year under 10cr so applicable this

[@CAAbhiJain]

No...it should exceed 10 crores.

[@harshmakharia2692]

Sir turnover for Previous Preceeding PY means PY 19-20 or 20-21 because for PY 20-21 still return is not filed.

[@CAAbhiJain]

20-21

[@harshmakharia2692]

@@CAAbhiJain but sir return due date is not expired and even not filed by assessee, so how come PY 20-21

[@vishalwadhwani2545]

Previous year turnover less than 10 crores but in 21-22 my turnover will be more than 10 crores so 194q will applicable on me from the date my turnover exceeds 10 crores or will start deducting tds from next financial year 22-23?

[@CAAbhiJain]

Need to see turnover of preceeding FY...

[@shreyagandhi8074]

Sir, TDS me year ending me provision karna hota hai aur provision ki entry pr ek vedio banaie please🙏🙏🙏

[@debiprasadpanda5807]

How buyer will know the turnover of seller and vice versa because we have more than 500 sellers and more than 2000 buyers. Will we contact each to know their turnover whether exceeds 10 crore or not ?

[@rajanaggarwal9984]

We have to see our turnover not buyer or seller turnover

[@debiprasadpanda5807]

@@rajanaggarwal9984 Sir, we are in trading business. We purchase and sale. Our turnover exceeds 10 crore but, We should not collect TCS from our buyers, if their turnover exceeds 10 crore. In that case, they will deduct tds. The question is how we will know whether their turnover exceeds 10 crore or not

[@rajanaggarwal9984]

No sir you have to see only your turnover if it has been more than 10 crores in last year then you are liable to collect TCS on your sale bill after crossing 50 lakh (sale or payment received whichever is earlier) turnover of every single party & deduct tds on purchase as same as after 50 lakh purchase or payment(whichever is earlier) made to a Single party

[@debiprasadpanda5807]

@@rajanaggarwal9984 sorry Sir, Section 194 Q supercede on 206 (1H). The turnover of our and our buyer both exceeds 10 crore. In that case we can not collect TCS. Our buyer will deduct tds u/s 194 Q as per the provisions. On one transaction both tds and TCS will not be applicable

[@Gauravmaratha]

Sir my one question If we are purchase 60 lakh amount goods from one vendor so then we deduct tax one 60 lakh ya 10 lakh

[@CAAbhiJain]

10 lakhs

[@pareshpanchal2172]

Excellent

[@CAAbhiJain]

Thank u😊

[@RAJkumar-gj3wk]

However, if, for any reason, tax has been collected by the seller under sub-section (I H) of section 206C of the Act, before the buyer could deduct tax under section 194-Q of the Act on the same transaction, such transaction would not be subjected to tax deduction again by the buyer. This concession is provided to remove difficulty, since tax rate of deduction and collection are same in section 194Q and sub- section (IH) of section 206C ofthe Act.

[@CAAbhiJain]

You can...but still my view will be advice buyer to deduct under 194q...and ask seller not to charge TCS

[@gouravmajumdar396]

TCS U/S 206C(1H) is NOT APPLICABLE if TDS u/s 194Q apply .

[@CAAbhiJain]

Yes

[@Adityakumar-sr2ex]

Sir agar payment partially kre... 56 LAC ke Good's prr Or Good's ki Receiving bhi partially ho.. Tu TDS u/s 194Q deduct hoga... Yaa nhii.. Agar payment Or credit Goods receiving partially ho... Tu... (1). 02/05/2021 GOODS Purchase = 6,000,00/ (2). 19/05/2021 GOODS Purchase = 20,000,00/- (3). 29/05/2021 GOODS Purchase = 20,000,00/- (4). 16/06/2021 GOODS Purchase = 5,000,00/- (5). 27/06/2021 GOODS Purchase = 5,000,00/- So, TDS u/s 194Q kbb application hoga.. Please simply btayee...

[@CAAbhiJain]

Agar 1st July se pahle purchase hai to 194Q applicable nahi hoga

[@rajitayadav5810]

Nice session sir, Sir I have query let's say I have received a invoice of Rs. 70 lakhs and and after 9 days I have to make payment. Meanwhile I have received a credit of Rs.5 lakhs for some promotional scheme. Now I have to make payment of Rs 65 lakhs. On which amount I need to deduct tds??

[@CAAbhiJain]

Thank you...😊 on 70 lakhs

[@Jagvi2021]

Really helpful

[@CAAbhiJain]

Thank u...😊👍

[@pranehsingh7283]

Tx for keeping us updated..

[@CAAbhiJain]

Thank u...😊👍

[@syedowais3841]

Excellent explanation

[@CAAbhiJain]

Thanks a lot...😊👍

[@pardeepmani1781]

TCS katam ho gaya h kya sir

[@CAAbhiJain]

Nahi...

[@chandrasahoo4878]

Very Good sir

[@CAAbhiJain]

👍👍thank u

[@sankarpadarthy6074]

Excellent Presentation Sir

[@CAAbhiJain]

Thank you...😊

[@shrishtimishra4552]

Sir please solve this query: 1) If seller and buyer both have crossed turnover of 10 crores in previous year and 50 lacs limit then till now tcs was applicable and accordingly we processed. But now after introducing 194Q what will be the scenario, is tcs and Tds both are applicable? 2) If only seller crossed 10 crores turnover limit then only Tcs will be applicable know?

[@CAAbhiJain]

1. If 194 Q is applicable then no TCS 2. If only seller crossed the limit then TCS is applicable

[@taxman7324]

Nice Interpretation Sir

[@CAAbhiJain]

Thanks...😊👍

[@nileshbhatkar5512]

If our turnover is not over 10 crores in F. Y. 2020-2021 are we liable for TDS. In F. Y. 2021-2022.

[@CAAbhiJain]

No ...if not crossed then ..no liability

[@shaikasma5412]

Can I get the refund of the TDS deduction ?

[@CAAbhiJain]

Yes..if eligible

[@shaikasma5412]

@@CAAbhiJain sir what is the eligibility .

[@rameshmakwana9284]

50 Lakh purchase applicable means 1-4-21 or 1-7-21

[@CAAbhiJain]

From 1-4-21

[@samkhan1180]

Where are you from sir

[@CAAbhiJain]

Delhi

[@samkhan1180]

@@CAAbhiJain sir aap jaipur me hote to me apse zaroor. Practical training, leta