https://www.taxtmi.com/article/detailed?id=9895 Section 194Q requires a buyer whose preceding year business turnover exceeds the large taxpayer threshold to deduct tax at source at the prescribed concessional rate on the amount of payments for purchase of goods exceeding the statutory purchase threshold, at the earlier of credit or payment; credits to any account are deemed payments, advance payments are covered, exclusions include purchases from wholly tax exempt persons and certain securities, commodity and specified power exchange trades, and the Board's guidelines specify computation, GST treatment when GST is separately identified, adjustment for purchase returns, and interaction with e commerce and TCS provisions to avoid double withholding or collection. en-us Sat, 10 Jul 2021 08:40:56 +0530 Sat, 10 Jul 2021 08:40:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9895 Section 194Q requires a buyer whose preceding year business turnover exceeds the large taxpayer threshold to deduct tax at source at the prescribed concessional rate on the amount of payments for purchase of goods exceeding the statutory purchase threshold, at the earlier of credit or payment; credits to any account are deemed payments, advance payments are covered, exclusions include purchases from wholly tax exempt persons and certain securities, commodity and specified power exchange trades, and the Board's guidelines specify computation, GST treatment when GST is separately identified, adjustment for purchase returns, and interaction with e commerce and TCS provisions to avoid double withholding or collection. Articles Income Tax Sat, 10 Jul 2021 08:40:56 +0530 https://www.taxtmi.com/article/detailed?id=9895