TDS U/194Q

[NAMAN DOKANIA]

Will TDS u/s 194Q be deducted by purchaser if seller is not charging TCS as buyer has produced Form 27C to the seller.

AI Summary

TDS Deduction Under Section 194Q Required for Coal Purchases Exceeding 50 Lakhs, Even with Form 27C Filed A query was raised regarding the applicability of TDS under section 194Q when a purchaser provides Form 27C to the seller, who is not charging TCS. The discussion clarified that if the purchaser is a manufacturer buying coal, no TCS is necessary if Form 27C is filed. However, TDS under section 194Q must be deducted if the aggregate purchase value exceeds 50 lakhs, unless the income is exempted.