Certification course on Balance Sheet Finalisation
Course 2023

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Regarding 206c (1h) applicability

This query is : Resolved 

02 February 2023 Hello, is tcs under section 206c (1h) applicable if turnover of 10 cr exceeds in the current financial year?

02 February 2023 No, but check it for preceding year.
As per the explanation to Section 206C (1H), "a Seller shall be a person whose total sales, gross receipts or turnover exceeds ₹ 10 crore in the immediately preceding financial year in which the transaction takes place."

02 February 2023 Thank You Sir, the seller did not exists in the previous year i.e fy 2021-22

02 February 2023 In that case the TDS section will apply in next FY, but not applicable in current FY.

02 February 2023 ok sir, thank you very much

02 February 2023 Most welcome..

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