Scribd
Upload
22 views2 pages

Godavari Rice and Pulses: To Whomesoever It May Concern

Godavari Rice And Pulses declares its obligation to deduct TDS under section 194Q of the Income Tax Act, 1961, as its turnover exceeded Rs. 10 crore in the previous financial year. They will deduct TDS on purchases over Rs. 50 Lakhs and inform that TCS under section 206C(1H) is not applicable due to this liability. Additionally, they will deduct TDS at a higher rate of 5% if the seller is classified as a specified person under section 206AB.

Uploaded by

prajaktawairkar24
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
22 views2 pages

Godavari Rice and Pulses: To Whomesoever It May Concern

Godavari Rice And Pulses declares its obligation to deduct TDS under section 194Q of the Income Tax Act, 1961, as its turnover exceeded Rs. 10 crore in the previous financial year. They will deduct TDS on purchases over Rs. 50 Lakhs and inform that TCS under section 206C(1H) is not applicable due to this liability. Additionally, they will deduct TDS at a higher rate of 5% if the seller is classified as a specified person under section 206AB.

Uploaded by

prajaktawairkar24
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 2

Godavari Rice And Pulses

Grain, Pulses Merchants & Commission Agents


P-10,APMC Market-II, Phase-II, Sec-19, Vashi,
Navi Mumbai-400703.
(M):022-46029909/9082434310
E-mail : godavaririceandpulses@gmail.com

DECLERATION CUM INTIMATION OF TDS BE DEDUCTED U/S 194Q OF THE INCOME


TAX ACT,1961 AND NON-APPLICABILITY OF TCS U/S 206C (1H)

TO WHOMESOEVER IT MAY CONCERN

Section 194Q of The Income Tax Act, 1961 come into effect from 01-04-2022. This section
require every “Buyer” (Whose total sales, gross receipts or turnover from the business
carried on him exceed ten core rupees during the financial year immediately preceding the
financial year in which the purchase of good is carried out) making payment for purchase of
any goods of the exceeding Rs. 50 Lakhs as income-tax.

We Godavari Rice And Pulses, having registered office at P-10,APMC Market-II, Phase-II,
,

Sec-19, Vashi, Navi Mumbai-400703, and having Pan Number-AEQPT3467E, do hereby


declare, confirm and inform you as under:

1. That our turnover for immediately preceding financial year i.e. FY 2024-25 was
exceeding Rs, 10 crore, and accordingly we are liable to deduct TDS under section
194Q.

2. We hereby inform you and give undertaking that we will be deducting TDS under
section 194Q on all the purchases exceeding Rs. 50 Lakhs, made from resident
supplier during the financial year.

3. Further according to Second Proviso of Section 206C(1H) TCS on sale of goods in not
applicable if the buyer is liable to deduct tax at source under any other provision of this
Act on the goods purchased by him from the seller has deducted such amount.

4. Accordingly since we are liable & will be deducting TDS under section 19Q on
purchases made after 01-04-2022, therefore We further request you not to change
TCS u/s 206C(1H). We will not be paying any TCS on Goods Purchased on or after 01-
04-2022 and will be deducting TDS u/s 194Q on the same.
5. Also, Section 206AB require us to deduct tax at higher rate of 5% if seller is specified
person i.e. if a person has not filled the returns of income for both of the two
assessment years relevant to the two previous years immediately prior to the previous
year in which tax is required to be deducted, for which the time limit of filing return of
income under sub-section (1) of section 139 has expired; and the aggregate of TDS and
TCS in his case is 50,000 or more in each of these two previous years:

6. Hence, we further inform you that if your name is appearing as specified person as
per section 206AB on the Income Tax Portal then we will be deducting TDS at higher
rate of 5%

For Godavari Rice And Pulses,

Proprietor

You might also like