TDS under Section 194Q v/s TCS under Section 206C(1H): Which will prevail over other?
Updated: Jul 26, 2021
Section 206C(1H) was made effective since 01.10.2020, which directs the seller to collect TCS if sale value is above 50 Lakhs. Now with effect from 01.07.2021,section 194Q is introduced which directs the buyer to deduct TDS if his purchases are greater than 50 Lakhs.
The Question arises whether to deduct TDS or ask the vendor to collect TCS. Find out the same in the article below.