Section 194Q : TDS on Purchase of GOODS

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... resident (i.e. seller) for purchase of any goods of the value or aggregate of such value exceeding Rs. 50,00,000 in any previous year Rate of TDS * Deduct an amount equal to 0.1% of such sum exceeding Rs. 50,00,000 as income-tax. * If PAN of payee is not available 5% Time of deduction  * At the time of Credit of such sum to the books of account of seller or at the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ns as may be specified therein. Non applicability  The provisions of this section shall not apply to a transaction on which - * (a) tax is deductible under any of the provisions of this Act; and * (b) tax is collectible under the provisions of section 206C other than a transaction to which section 206C(1H) applies [Omitted by Finance Act, 2025 w.e.f. 01.04.2025] Pow....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....pter XVII-B of the Act on the amount paid or payable without including such 'GST on services' component. GST for these purposes shall include IGST, CGST, SGST and UTGST.  * Guidelines issued for the purpose of removing the certain difficulty vide Circular No. 13 of 2021 dated 30/06/2021 and circular no. 20/2021 dated 25.11.2021 * Applicability on tran....