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New TCS u/s 206C(1H)

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(Querist)
20 October 2020 Dear Sir,

One Question regarding TCS section 206C(1H)

TCS (Charge in Sales Invoice) some party TCS charge in Invoice - is it right? As per section used word "Sales Consideration Received".

Rs.50,00,000/- consider on which basis on sales value or on receipt?

Please resolve the matter with illustration.

Thanks..
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
21 October 2020 Yes, it's right, only when it's shown in the invoice payment will be received.
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
30 January 2021 TCS is to be deducted only if payment received is more than Rs.50,00,000




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