TCS - HOW TO DEDUCTED THIS YEAR 21-21

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dineshkumar (Querist)
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16 April 2021 Previses year we collect TCS as per rules - .
now 21-21 how to collect or deducted . base 50 lakes as followed for previse year party's .

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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20 November 2021 NEW PROVISIONS APPLICABLE FROM 01 OCTOBER, 2020

a. Every authorized dealer who receives an amount of Rs. 7 lakhs or more in a financial year for remittance out of India from a buyer of foreign currency remitting under Liberalized Remittance Scheme (LRS) (other than overseas tour program package) is liable to collect tax @ 5% (if no Aadhaar or PAN @10%) at the time of debiting or receipt of amount. {Section 206C(IG)(a) of IT Act, 1961).

b. Every seller whose gross turnover exceeds Rs. 10 crores in preceding financial year, receives sale consideration of any goods exceeding Rs. 50 lakhs is liable to collect tax © 0.1% (If no Aadhaar or PAN-1%) of sale consideration exceeding Rs. 50 lakhs from the buyer at the lime of receipt. {Section 206C(H) of IT Act 1961}.