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Tcs 206 C (1H)

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(Querist)
30 January 2022 Our company turnover above 10 crore. last year so we are liable to collect tcs @ 0.1% from our customer whose turnover is below 10 crore & transaction limit above Rs. 50 lacs. We already started collecting tcs on every bill from 1st April 21. Please suggest me whether it is wrong or right. Do we need to wait to cross the limit?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
30 January 2022 It's not right. You need to wait to cross the limit.
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CA Altamush Zafar

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CA Altamush Zafar (Expert)
31 January 2022 There is no issue as such as long as you deposit the tax amount with the government. The purchaser will be able to claim TCS on filing his return.
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