{"id":18446,"date":"2021-11-02T10:54:34","date_gmt":"2021-11-02T05:24:34","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=18446"},"modified":"2024-06-03T11:17:44","modified_gmt":"2024-06-03T05:47:44","slug":"section-194q-tds-on-purchase-of-goods","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/section-194q-tds-on-purchase-of-goods\/","title":{"rendered":"An overview of Provisions for TDS on Purchase of Goods | Section 194Q"},"content":{"rendered":"<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-18448 size-full\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/11\/An-overview-of-Provisions-for-TDS-on-Purchase-of-Goods-Section-194Q-1.png\" alt=\"\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/11\/An-overview-of-Provisions-for-TDS-on-Purchase-of-Goods-Section-194Q-1.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/11\/An-overview-of-Provisions-for-TDS-on-Purchase-of-Goods-Section-194Q-1-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/11\/An-overview-of-Provisions-for-TDS-on-Purchase-of-Goods-Section-194Q-1-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/11\/An-overview-of-Provisions-for-TDS-on-Purchase-of-Goods-Section-194Q-1-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/11\/An-overview-of-Provisions-for-TDS-on-Purchase-of-Goods-Section-194Q-1-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/11\/An-overview-of-Provisions-for-TDS-on-Purchase-of-Goods-Section-194Q-1-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Now while making Purchases of Goods you need to keep in mind for this all new Section 194Q of the Income Tax Act, which is introduced through the Finance Act \u2013 2021, bringing in new TDS provisions on the purchase of goods. This became effective from 01\/07\/2021. So, let us now dive into the details of this section.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><strong>Table of Contents:<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Rules\"><span style=\"font-weight: 400;\">Rules under the new Section 194Q<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Who\"><span style=\"font-weight: 400;\">Who is obliged to deduct TDS?<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Following\"><span style=\"font-weight: 400;\">Following transactions may not attract &#8211; Section 194Q.<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Turnover\"><span style=\"font-weight: 400;\">Turnover limit for deductor<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#The\"><span style=\"font-weight: 400;\">The Transaction limit for TDS<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Rate\"><span style=\"font-weight: 400;\">Rate and dates of TDS deposit<\/span><\/a><\/li>\n<li id=\"Rules\"><a href=\"#Conclusion\"><span style=\"font-weight: 400;\">Conclusion<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"Who\"><b>Rules under the new Section 194Q<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The buyer of the goods must<a href=\"https:\/\/www.cagmc.com\/tds-returns\/\"> deduct the TDS<\/a> of the seller of the goods in case the goods bought by the buyer from a particular seller are in aggregate of Rs.50, 00,000\/- or more in annual value.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This implies that as a buyer of goods, if you buy any goods from &#8220;XYZ&#8221; and such annual purchases cross Rs.50,00,000\/-, then in this case you are required to deduct TDS on purchases exceeding the limit of Rs.50,00,000\/-.\u00a0<\/span><\/p>\n<h2><b>Who is obliged to deduct TDS?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Any person buying goods from another person and the value of such goods exceeds Rs.50, 00,000\/- in a year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The following persons are not considered as deductors, i.e.; they are NOT expected to deduct TDS:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">New business \u2013 This will not apply to the year in which the business is started or incorporated.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Turnover limit \u2013 This will not apply to persons with a gross turnover of less than Rs. 10 crores in a year preceding the goods are bought.<\/span><\/li>\n<li id=\"Following\">Non-resident \u2013 This does not apply to non-resident buyers. But if such a buyer has a Permanent Establishment (PE) in India, provisions of this section may apply.<\/li>\n<\/ul>\n<h2><b>Following transactions may not attract &#8211; Section 194Q.<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">This Section is applicable in case of transactions of purchase of goods of more than Rs.50 lakhs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the below transactions are not covered;<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Purchase transactions of Rs. 50 lakhs or below.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Transactions related to securities and commodities which are done through recognized stock exchanges and clearing corporations.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The transactions in electricity, renewable energy certificates, and energy-saving certificates purchased through power exchanges.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The transactions on which <a href=\"https:\/\/www.cagmc.com\/what-is-tax-deduction-at-source\/\">TDS<\/a> is deductible under any other provisions of the Income-tax Act.<\/span><\/li>\n<\/ul>\n<p id=\"Turnover\">Just like other TDS provisions, this section also has some transaction limits; let us have a look \u2013<\/p>\n<h2><b>Turnover limit for deductor<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The turnover threshold for applicability of these provisions is Rs. 10 crores which means one must have total sales or gross receipts of Rs. 10 crores or more in the year preceding the year of a purchase transaction.\u00a0<\/span><\/p>\n<p id=\"The\">Also, if you have interest income, capital gains income, or rental income in a year, these may aggregate your receipts, but they don&#8217;t form your\u00a0<b>&#8216;business turnover.&#8217;<\/b><span style=\"font-weight: 400;\">\u00a0For the provisions of this section, what is required is &#8216;business turnover.&#8217; So, except when your business turnover crosses Rs. 10 crores, there is no need to deduct tax on purchases of goods.<\/span><\/p>\n<h2><b>The Transaction limit for TDS\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">This provision of TDS on purchase of goods is applicable on the purchase transaction only when the value crosses Rs. Fifty lakhs in a year. The TDS is required to be deducted on the amount of purchases exceeding Rs. 50 lakhs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These provisions are applicable from 01\/07\/2021; however, if your transaction limit has crossed Rs.50 lakhs before 01\/07\/2021, you need to deduct TDS from 01\/07\/2021 because the transaction limits will be applicable on an annual basis, i.e., from 01\/04\/2021. Deductor may consider the following points for computing the limit of Rs.50 lakhs.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">He may exclude the amount of<a href=\"https:\/\/www.cagmc.com\/gst-registration\/\"> GST<\/a> from the amount of bills paid for<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In case the amount is paid in advance or paid before crediting the accounts of the purchasing party in books of account, TDS may be required to be deducted on amount including GST since it is not practicable to segregate GST from the amount of purchases.<\/span><\/li>\n<li id=\"Rate\">If payments are undertaken in advance, the TDS must be deducted on a payment basis as the TDS is applicable at the time of credit of the amount in books or payment, whichever is earlier.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Now, after knowing all the limits carried by this section, we want you to understand the most important information required:-<\/span><\/p>\n<h2><b>Rate and dates of TDS deposit<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The rate of TDS is at 0.1% of the transaction value of goods purchases exceeding Rs. 50 lakhs. This rate maybe 5% if the deductee does not furnish their <a href=\"https:\/\/www.cagmc.com\/how-to-apply-for-instant-pan-card\/\">PAN<\/a> to the deductor. Deductor should deduct the TDS at the time of the credit of the purchases to the seller&#8217;s account in the books of account; this shall remain applicable even if the amount is credited to the suspense account.<\/span><\/p>\n<p id=\"Conclusion\">The TDS is to be deposited on or before the 7th day of the month subsequent to the month in which TDS is deducted. However, this is to be deposited on or before 30th April of the next financial year for the TDS of March. The due dates of TDS returns are applicable as for other TDS provisions.<\/p>\n<h2><b>Conclusion<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">So by reading this article we now are aware about on what amount we should deduct TDS while making purchase transaction or are we even required to TDS or not, what are the thresholds? Etc. Also, please note <\/span><span style=\"font-weight: 400;\">this Section 194Q TDS on Purchase of goods is applicable from 01\/07\/2021 &amp; the deductor shall deduct the <a href=\"https:\/\/www.incometaxindia.gov.in\/Pages\/Deposit_TDS_TCS.aspx\" target=\"_blank\" rel=\"noopener\">TDS<\/a> at the time of the credit of the purchases to the seller&#8217;s account in the books of account.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Now while making Purchases of Goods you need to keep in mind for this all new Section 194Q of the [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":18448,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[69],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Section-194Q TDS on Purchase of Goods - Goyal Mangal &amp; 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