We (a Private Organisation)have purchased furniture worth
Rs.1.4 lacs from a firm Whhile making payment should we
deduct TDS@2% ?
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Answer / Saurav Yadav
According to Indian tax laws, if the value of a purchase exceeds INR 50,000, the buyer is required to deduct Tax Deducted at Source (TDS) at the rate of 1% or 2%, depending on the GST slab applicable to the product. In this case, since the furniture purchase is worth INR 1.4 lacs, TDS should be deducted @ 2%. However, it's best to consult a tax expert for accurate advice.
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