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Changes as per Circular No. 13th Dated 30-JUN-2021 with respect TDS U/S 194Q

edited Jul 2, 2021 6:06AM in Financials for India - EBS (MOSC)

Changes as per Circular No. 13th Dated 30-JUN-2021 with respect TDS U/S 194Q

CBDT has come up with clarifications on Section 194Q through circular no. 13 Dated 30-JUN-2021. Following are the key points to be considered now while implementing Section 194Q:

1. In case if supplier threshold are already on and above Rs 50 Lakhs before 01-JUL-2021 then in that case earlier it was recommended to calculate the TDS on Invoice amount Exceeding Rs 50 Lakh manually. Now with this circular it stands clarified that no TDS to be deducted on any amount which is either credited or paid before 01-JUL-2021.

Example: Vendor A total invoice created Rs 70 Lakh till 30-JUN-2021. Now earlier it was informed that user need to calculate TDS on Rs 20 lakh (70-50) manually. Now with this circular the same is not required to be done.

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