TCS. HURL's total sales turnover has exceeded Rs. 10 crores during the FY 2023-24. Consequently, we now qualify as a buyer under section 194Q of the Income Tax Act, and it is mandatory for us to deduct tax at a rate of 0.1% on the purchase of any goods with a value exceeding fifty lacs in the financial year or the aggregate of such value. All suppliers or contractors to discontinue the collection of tax (TCS) on all sales invoices. HURL will deduct tax at a rate of 0.1% TDS under section 194Q of the Income Tax Act.
Appears in 2 contracts
Sources: Service Contract, Tender Agreement