TDS on Purchase of Goods under Income Tax | Section 194-Q - [ Ссылка ]

TDS vs TCS | TCS on Sale | TDS on Purchase | Section 206C(1H) vs 194-Q of Income Tax - [ Ссылка ]

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Government inserted new TDS Section 194Q (TDS on Purchase of Goods) which will be effective from 01-July-2021, which say Any person, being a buyer who is responsible for paying any sum to any resident (hereafter in this section referred to as the seller) for purchase of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, shall, at the time of credit of such sum to the account of the seller or at the time of payment thereof by any mode, whichever is earlier, deduct an amount equal to 0.1 per cent. of such sum exceeding fifty lakh rupees as income-tax.

194Q - TDS on Purchase of Goods - which takes effect from 1st July 2021.

TDS on Purchase of goods applies to the Buyer who is responsible for paying any sum to any resident seller for the purchase of any goods of the vale or aggregate of value exceeding fifty Lakh rupees in any previous year.

Time of Deduction (Earlier of )
TDS on Purchase of goods shall be deducted
1. At the time of credit of such sum to the account of the seller or

2. At the time of payment

Calculation of Threshold for TDS on Purchase of Goods

The threshold limit shall be computed from 1st April 2021.

If a person being buyer has already credited or paid fifty lakh rupees or more before 1st July 2021, then the provision of section 194Q shall be applicable and shall deduct TDS @.1% on any sum credited or paid whichever is earlier on or after 1st July 2021.

GST Purchase Adjustment

TDS shall be deducted on the amount credited without including such GST if the seller is indicated such tax in his tax invoice separately.

However, if advance has been paid, then TDS shall be deducted on the whole amount as it is not possible to identify the payment with the GST component of the amount to be invoiced in the future.

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