TDS and TCS Failure to deduct tax under section 194Q


The Tax Publishers TDS and TCS--Failure to deduct tax under section 194Q Query Assessee is a bullion trader, purchases bullion in auction from various auction platforms and sells to Jewellers in the market. He also purchases ornamental gold from customers and melts the same into bullion and sells the bullion to various gold merchants in the market. My facts and the query are described below : 1. Audit report for assessment year 2022-23 indicates few cases (12 out of total 14 no.) of TDS not deducted upto 1 crore under section 194Q 2. TCS was not collected by maximum customers/creditors as per law 3. Clarification notice rec'd under section 143(1)(a) for the non deduction and wants to disallow under 'Incorrect claim' SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

TDS and TCS--Failure to deduct tax under section 194Q

Query

Assessee is a bullion trader, purchases bullion in auction from various auction platforms and sells to Jewellers in the market.

He also purchases ornamental gold from customers and melts the same into bullion and sells the bullion to various gold merchants in the market.

My facts and the query are described below :

1. Audit report for assessment year 2022-23 indicates few cases (12 out of total 14 no.) of TDS not deducted upto 1 crore under section 194Q

2. TCS was not collected by maximum customers/creditors as per law

3. Clarification notice rec'd under section 143(1)(a) for the non deduction and wants to disallow under 'Incorrect claim'