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What is TDS on Purchases: Section 194Q Overview about?

This document discusses the new TDS provisions introduced under Section 194Q of the Income Tax Act. Section 194Q requires purchasers to deduct tax at source (TDS) on purchases of goods exceeding Rs. 50 lacs if their annual turnover is over Rs. 10 crore. It aims to prevent tax evasion by large purchasers and is applicable from July 1, 2021. The provisions clarify that if the buyer deducts TDS, the seller does not have to collect tax collected at source (TCS) under Section 206C(1H), but if the buyer fails to

Author

Upendra Bardhan

Language

EN