TCS

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This discussion clarifies the Tax Collected at Source (TCS) rules, particularly when your aggregate turnover exceeds 10 crore but no single customer's sales surpass 50 lakh. TCS is applicable if your total turnover is over 10 crore. However, for individual customers, TCS is only triggered if their sales exceed 50 lakh in the financial year. The rate is 0.075% until March 31, 2021, and 0.1% thereafter, applied to receipts from that customer only if the 50 lakh threshold is met.

Archana

Archana (Querist)
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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

PAWAN KUMAR

PAWAN KUMAR (Expert)
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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.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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31 January 2021 TCS is to be collect only if receipt of any customer exceeds Rs. 50 lakhs. If not then no need to collect TCS.

Also it is not compulsory , it depends on sales value only

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