https://www.taxtmi.com/circulars?id=64874 Buyers whose preceding year business turnover exceeds the prescribed threshold must deduct tax at source under section 194Q at the time of payment or credit (whichever is earlier) on purchases from resident sellers when aggregate purchases in the previous year exceed the prescribed limit; advance payments are covered. Exclusions include transactions cleared through recognized exchanges or clearing corporations, power exchanges trades, purchases by non residents not connected to a PE in India, and purchases from persons wholly exempt from income tax. GST, purchase returns, and cross application with other TDS/TCS provisions are subject to the specific adjustments and hierarchy set out in the guidelines. en-us Wed, 30 Jun 2021 00:00:00 +0530 Tue, 09 Apr 2024 10:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=64874 Buyers whose preceding year business turnover exceeds the prescribed threshold must deduct tax at source under section 194Q at the time of payment or credit (whichever is earlier) on purchases from resident sellers when aggregate purchases in the previous year exceed the prescribed limit; advance payments are covered. Exclusions include transactions cleared through recognized exchanges or clearing corporations, power exchanges trades, purchases by non residents not connected to a PE in India, and purchases from persons wholly exempt from income tax. GST, purchase returns, and cross application with other TDS/TCS provisions are subject to the specific adjustments and hierarchy set out in the guidelines. Circulars Income Tax Wed, 30 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/circulars?id=64874