Answers On Topic: Section 194Q
Seller has received Advance of Rs.10 Crores from Buyer on 29-03-2025 as advance against supply of goods. On the said sum Buyer has deducted TDS of Rs.95000 u/s 194Q.The said amount of TDS is appearing in 26AS of Buyer. 1-Whether Seller can claim credit for TDS in his ITR for Asst. Year 2025-26 when goods are supplied in next financial year i.e in April 2025. 2-Whether Seller can claim credit for TDS of Rs. 95000 in his ITR for Asst. Year 2025-26 when the whole amount of Advance (net of TDS of Rs. 95000)is returned to Buyer in April 2025…
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During the F.Y 2024-25 the assessee sold the coal and on that 206-CJ i.e.. TCS liability arises TDS u/s 194Q was done by purchaser Query : Whether in view of the fact that purchaser has made TDS u/s 194Q than the seller is not liable for TCS u/s 206-CJ ?
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Assessee fails to deduct TDS on payment made to purchases u/s 194 Q exceeding 50 lakhs. He obtained Form 26A (from their CA ) from few parties. Assessing officer propose to make addition us/s 40 a (ia) of the Act for the remaining amount. Assessee submitted all the purchase bills supported by the bank statement for the payment. And also GSTR 2A & 2B and Annual return table 8 as evidence for the purchase payment along with e-way bill Kindly give your opinion and any case laws in favour of my assessee.
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Credit of TDS deducted U/S 194Q of I.Tax Act 1961