During the FY 2020-21. goods of Rs. 1.55 Crores were sold to the customer. TCS was collected on the receipts form Oct 2020. On 31st March 2021 outstanding balance Rs. 80 Lacs.
This outstanding balance will be received in May 2021. Further sale will also be made in FY 2021-22.
Whether TCS have to be collected from the customer on all the sale made him in FY 2021-22? Whether the limit of Rs. 50 Lacs have to checked again for FY 2021-22?
CAclubindia
