"Set Calculate tax on value exceeding the threshold/exemption limit to Yes".
Even after activating this option, it deducts TDS on the amount less than 50 lakhs for 194Q.
Supplies started from 1st April, it reached the threshold limit in November this year, but the TDS due balance shows in 26Q right from the beginning.
Kindly advise..
Yes....according to TDS rules....TDS to be deducted on entire amount within financial year if it crosses the exemption limit.
You may talk to your CA whether this deduction is right or no.
Regards,
Dhaval Goradia
Thanks for your reply..
The notification clearly says, amount exceeding 50 lakhs to be taken on account for TDS deduction.
My problem is not with the LAW but with tally software..
I checked and it's working for me...
Can you check and define tds 194Q exemption limit under your purchase ledger as shown in below snapshot;
Then I have recorded one purchase voucher;
So, it is now showing under exemption limit in form 26Q;
Regards,
Dhaval Goradia