Calculation of 50 Lakh Turnover for Section 194Q | Inclusive of GST? | TDS on Purchase of Goods
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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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Very nice video Sir.thanks
Thanks sir,
All most concept are clear , thanks again 👍🙏
Very nice Sir
Thank you so much for your precious consultany..👌
very nice explain mene dusri email id se bhi suscribe kr liya h
Thanks sir,
It was so helpful.
Turnover of seller is 10 crore, but including gst or excluding gst
Well explained..... Thank you sir!
Great your language is very easy to learn this..
Sir, you have completely resolved my problem, ❤🎉🎉 greatest thanks 🙏 😊
Most welcome 😊
@@ConsultGurpreet sir purchase return adjust hoga ya nhi
Sir ye btaye agar meri kisi party ka TDS me previous me deduct karta raha hu new year me uska abhi tak 50 lacs crose nahi hua hain 50 lacs cross hone ka wait kru ya starting se cut kru
Thank you very much sir
Most welcome
Very nice information
Tds rate?
sir ek chij btao kisi ko bill ki advance payment kr rhe h example 750000 total bill value 18% gst include hme confrm h bill etne ka h or bill abhi aya nhi hmare pas to fir =635593.22 basic value hui hme basic value ka tds deducte krke total value se less krke fir payment krege am right sir
Sir,
Threshold limit count every year from 1st April
Very nice
Sir, thank you for fantastic video. Need a clarification - if there is purchase return, and there are no subsequent purchases from the same seller, how to claim the TDS already paid to Govt? can this be adjusted against TDS collected from other sellers? kindly clarify.
Sir, for the purpose of calculating 50lacs threshold (not deducting) for 194Q, should I include GST component as well?
Example: Sales Taxable Value= 45lacs, GST=8.1lacs; Total sales value= 53.1lacs.
Should I deduct TDS u/s 194Q or not?
Nope taxable amount 50lk hona chahiye
Party has charged tcs in bills up to June -21, while making payment to party agst June billing should we deduct TDS or not??
Is 194Q applicable on diesel reimbursement claim (through Debit note) ????
suppose "A" has a turnover of 10 cr and he/she purchased goods from "B" about 48 lakh till 30th June,2021, and on 5 th July, A has puchased goods from B about 5 lakh, so A have to deduct tds from B's payment and on which value he should deduct ? like based on 5 lakh or based on (48+5=53; 53-50=3) 3 lakh
3 lacs
Apr,21 to June,21 Purchase = Rs.60 Lakhs
July,21 Purchase = Rs.10 Lakhs
Then TDS on Rs.10 Lakhs or Rs.20 Lakhs? (After less 50 Lakhs)
April to Nov 4750921/- phir dec me 434816 ka purchase Kiya h ab total 5185737/- sir ab total amt par 0 .10% katna padega ki 50 lack cross hone k baad jo amt aaya h usspar ???
Tds on acquisition of immovable property form 26qb and tds on rent of immovable property form 26qc and professional fees, commission form 26qd ke related video bano in details I need more this section please sirji
Gst mai exempt goods per bhi TDS dena hoga kya
Agr hum payment 2 bar mai krte hai 30lac nd second month 30 lac to kya section 194Q apply hoga?
50lac ke upar ki value ka tds katega ya 50lac bhi include hoga?
agar purchase 45 lac ki ho chuki ho. next bill value 10 lac hai toh tds kitne ki value pe katega 5lac pe ya 55lac pe ya 10lac pe?
purchaser ka turnover previous fy mein 10cr ke upar hai. But seller se 50lac ka purchase current year mein kiya hai. tds katega ya nahi?
kitna percent tds jo bill mein lagana hoga agar sale karni ho? taxable ka kitna percent? Gst, taxable+tds pe lagega ya sirf Taxable pe?
kindly answer to my queries.
Sir
Total sales to exclude gst 50,10,000/-
Less threshold 50,00,000/-
10,000/- @ 0.1%
Jo threshold 50 lakh ha
Usse TDS return m dikhana padega ya nhi....
Agr nhi toh koye company previous year ke hisab
1st transaction se TDs deduct kar raha h
Is case m gov kavi pata hi nhi chalega total sale purchase kitna he
Sir, This doubt is clear.
I have another confusion what about other sections of TDS. How will Threshold limit will be calculated like 194C, 194J and others, will that also be GST exclusive?
Yes. Exclusive of GST.
If total ledger balance is 5738000/= Inc gst
And gst rate is 28℅
In that condition section 194q will apply or not?
Sir I have deducted TDS from my seller and deposited the same,but while filing TDS return I noticed that threshold limit for applicability is 10 crore turnover,whereas my turnover is 4 crore.So now what to do,should I file TDS return or leave it,please guide me
Sir I purchased from A of 70 lacs in fy 21-22 so I will deduct tds, but i purchased from A of 15 lacs in fy 22-23 ,
Will I tds deduct of A in fy 22-23?
Sir ek doubt he NAFED se humne purchase he 50 lkh se jyada kya 194Q me tds cut karna he yaa nahi ?
Sir my TO crosses 10cr
My puchase of material from mr. S is 30lakh till now
And mr. S supplied me services of 30 lakh till now and applied 94c on it
My question is purchase not crossed 50lakh
But puchase+services crossed 50lakh. Am I liable for 94q?
Agar advance payment kar rahe hai and if we are aware of gst amount toh kisme karna hai?
Advance k case me deduct on total amount.
Sir eski etry krne par bhi vdo banay plizz
Party debit karna
Aur tds credit karna h
Sir.g.our.turn.over.is.6.crore..kya.50.lakh ..ek.party.se.purch..me.tds.katna.hoga
Sir 50lakh ki jo limit check
Karna hai wo taxable values ya total invoice value dekhna hai
Taxable value
Sir
Jo 50 lac ka limit h wo har sal 1st april se count hoga kya
Sir mere saving account me RS.8000 RUPEE DEDUCT HUE H SEC194Q KE THROUG
Sir ek aur baat clear karein ki if any case humko kisi ko PDC dena hai aur bill hume party se baad mein receive hoga toh uss case mein kaise TDS deduct hoga...
Yes. Payment or bill. Whichever is earlier
Sir is it applicable on purchase of immovable property?
Goods ki definition mein immovable property nahi aati hai.
Hello sir,
TDS se related ek question hai.
.
Meri company ka turn over 10 cr nhi hai but main jis party ko sale krta hu uska turn over 10 cr se jyada ho
Or main uss party ko 50 lacs se jyada ka sale krta hu yearly
Tab kya buyer party mujhse TDS deduct kregi?
Yes, party will be deduct Tds
hello sir ek party hai jeska turnover 10 cr and above nahi hai but uska turnover mere sath 50 lak and above hai kya may uska TCS kaatu ya nahi but mera turnover 10cr and above hai or hmm seller hai
Tcs katega
Sir mera seller mera tcs katraha ho fir bhi hume uska tds katna hoga hum dono ki turn ornver 10 cror par j
Ab apko TDS katna hoga. TCS nahi lagega. Dono me se ek hi lagega. Dono ek sath applicable nahi honge.
@@ConsultGurpreet thank u sir fir humko party ko batana hoga ki ab se hum tds katege
Alag se gst hona kya h sir reply
Alag se GST hona matlab invoice par gst alag se mentioned ho.
Plizz
Sir how can I contact you
Plz call or whatsapp on 9140972712
Sir agar meri current account ki transaction agar 50 lakh ki h to mereko Kitna tax dena hoga??agar gst liya Hua h to?
1. You have to pay GST that you have collected
2. You have to pay Income Tax on your profits.
Plz contact your CA for exact calculations.