28 October 2020
from 01st October 2020 TCS is applicable whose Agreegate Turnover more than 10crore or individual customer whose sales exceeding 50 lakh April to Sept but now our TO is more than 10cr but no one customer whose sale is exceeding 50 lakh then what will be TCS criteria.
And from 1st april 2021 it is compulsory to collect TCS from everyone
28 October 2020
in your case, if none of your customers made payment exceeding 50 lakhs during the current year 2020-21 before Sept20, TCS provisions will not applicable for those customers. TCS is on receipt of sales considerations in respect of sale of any goods in exceeding of rupees 50 lakh during the financial year and will be charged 0.075 % (Till 31.03.2021 and 0.1% from 01.04.2021) after 01.10.2020 on every receipt from that customer only.
CAclubindia
