How to Configure Section 194Q TDS Applicability on Purchase of Goods applicable from 01-JUL-2021

As per Budget 2021, Section 194Q has been introduced where in the tax shall be deducted under Section 194Q by a buyer carrying on a business whose total sales, gross receipts or turnover from the business exceeds Rs. 10 crores during the financial year immediately preceding the financial year in which such goods are purchased. This provision shall be applicable from 01-07-2021. Also this provision will be attracted if the Purchase is more than Rs 50 Lakhs from a vendor.