TDS u/s 194Q vs TCS uls 206CR

Direct Taxation

As stated in 194Q that TDS will prevail over TCS. so if an assessee fails to deduct TDS u/s 194Q.. but on the other hand the buyer deposits(collects) TCS u/s 206CR and pays the same to the government. Now the question arises that will the assessee still be liable to deduct TDS u/s 194Q? As it will make double deduction as well as collection on the same transaction..

Rohan Rupla

CA Final

★ 120

02-Jun-23 23:32

4K+

Answers (1)

No Sec 194Q(5)(b) states : The provisions of this section shall not apply to a transaction on which (b) tax is collectible under the provisions of section 206C other than a transaction to which sub-section (1H) of section 206C applies.

Sudha Reddy

CA Final

★ 20K+

05-Jun-23 10:06