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.

[DR.MARIAPPAN GOVINDARAJAN]

Whether the purchase is a manufacturer or trader?

[NAMAN DOKANIA]

Purchaser if Manufacturer, and he is purchasing Coal

[DR.MARIAPPAN GOVINDARAJAN]

No TCS is required to be done for coal if Form 27C is filed.

If your income is exempted then no deduction is required under section 194Q; otherwise you

have to deduct if the threshold limit of your aggregate purchase value exceeds ₹ 50 lakhs.

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.