194 Q and 206C(1H) applicability and Data sheet to be updated

[Subba Rami Reddy Yarasi]

Good morning

Herewith I am attaching the Template to be filled for the purpose of 194Q and 206C(1H) for audit purposes.

Applicability of 194Q:

It applies to any buyer who is responsible for paying any sum to any resident seller for purchase of any goods or the value or aggregate of value exceeding fifty lakh rupees in any previous year.

Applicability of 206C:

a seller whose turnover is above Rs 10 crore is required to collect tax, when he receives more than Rs 50 lakh from one buyer during a financial year.

Kindly go through it and update asap

Thanks & regards

--

CA Subba Rami Reddy Y
Partner
M V Narayana Reddy & Co

+91 - 9966 400 460