Section 206C(1H)

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This discussion clarifies the applicability of Tax Collected at Source (TCS) under Section 206C(1H). The key point is that TCS applies if the sales consideration received during the financial year exceeds ₹50 lakh, regardless of whether the sales themselves occurred before 30th September. No adjustments or refunds are necessary in such scenarios.

MUKESH SINGH

MUKESH SINGH (Querist)
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28 October 2020 Kindly advise whether TCS under section 206C(1H) is applicable on receipt of sales consideration for the sales made before 30th September?

PAWAN KUMAR

PAWAN KUMAR (Expert)
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28 October 2020 Dear Sir,
It is on receipt of consideration during the year exceeds 50 lakh rupees even for which sales made before 30.09.2020.