W.e.f. 01/06/2016, 1% TCS to be collected on Cash Sales or Service exceeding Rs. 2 Lakh, In this regards, two lakh limit is per transaction or agreegate during the year?
Deepak Tapse (Accounts Manager - Taxation) (1771 Points)
07 July 2016W.e.f. 01/06/2016, 1% TCS to be collected on Cash Sales or Service exceeding Rs. 2 Lakh, In this regards, two lakh limit is per transaction or agreegate during the year?
CA Harshal Totla
(Chartered Accountant)
(2229 Points)
Replied 07 July 2016
palak gupta
(CA Final Student)
(52 Points)
Replied 07 July 2016
Prateek
(Partner)
(143 Points)
Replied 07 July 2016
the limit is for per transaction. and also the cash component should be more than the rs. 2 lakhs for collecting tds
Deepak Tapse
(Accounts Manager - Taxation)
(1771 Points)
Replied 08 July 2016
Thanks to all
That means, if i receive frequently less than 2 lakh cash from same person TCS is not applicable.
Also pl confirm the folliwing.
I raised the invoice in May 16 and cash received in June 16 which exceeds Rs. 2 Lakh, TCS is applicable?
Nitin Kumar
(Circle Commercial Head)
(21 Points)
Replied 08 July 2016
Dinesh Mertiya
(PROFESSIONAL)
(761 Points)
Replied 09 July 2016
if your status is Individual or HUF
and you are liable to audit as per provisions of sec 44AB during the financial year immediately preceding the financial year in which the goods are sold or the services are provided.
then sec 206(1D) is applicable otherwise not
deepak kumar jain
(Article)
(21 Points)
Replied 10 July 2016
Dear sir
My quarry is that i have a transport company and i pay advance in cash for per trip which is exceed 2 lac. Please clearify about tcs for transportation
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