Your explanation is gibberish. Suppose you use a smaller sample and mock up the solution you want to see. We only need to see 8-10 records not thousands to understand the issue.
Your explanation is gibberish. Suppose you use a smaller sample and mock up the solution you want to see. We only need to see 8-10 records not thousands to understand the issue.
Section 194Q was inserted by the Finance Act 2021, which is applicable from 1st July 2021. Section 194Q applies to a buyer who has a:
Turnover of more than Rs.10 crore in the previous financial year.
He purchases goods exceeding Rs.50 lakh of value in a year.
Such a buyer has to deduct TDS at the rate of 0.1% on the amounts exceeding Rs.50 lakh. This section is exactly the opposite of section 206C(1H), where TCS must be collected.