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Regarding 206c (1h) applicability

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

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Dhirajlal Rambhia (Expert)
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."
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akshay maloo

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akshay maloo (Querist)
02 February 2023 Thank You Sir, the seller did not exists in the previous year i.e fy 2021-22
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
02 February 2023 In that case the TDS section will apply in next FY, but not applicable in current FY.
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akshay maloo

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akshay maloo (Querist)
02 February 2023 ok sir, thank you very much
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
02 February 2023 Most welcome..
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