TDS on purchase of goods under Section 194Q :

This new Section 194Q is proposed to be applicable from 1st July 2021.

section 194Q require the specified buyer to deduct TDS on the purchase of goods from the resident seller.

TDS is deductible When :

The buyer is responsible for making payment of a sum to the resident seller and Such payment is to be done for the purchase of goods of the value/ aggregate of the value exceeding ₹ 50 Lakhs.

Term ‘buyer’ Means :

A person having total sales/ gross receipts/ turnover Exceeding ₹ 10 Crores in the immediately preceding Financial Year.

When TDS on purchase of goods is to be deducted by the buyer :

Earlier of the following dates-

At the time of credit of the sum into the account of the seller;
or
At the time of payment of the sum thereof.

Rate of TDS :

The buyer is liable to deduct TDS at the rate of 0.1% of the purchase value above ₹ 50 Lakhs.
However, in case the Permanent Account Number (PAN) of the seller is not available. Then, the buyer would be liable to deduct tax @ 5%.


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Match the columns :
Group A (Institutions/Events)
(i) GATT
(ii) Bretton Woods Conference (iii)International Monetary Fund (iv) European Community
Group B (Years)
(a) 1947
(b) 1957
(c) 1944
(d) 1945