TCS on sale of Goods

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Pragati Sharma (Querist)
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05 February 2021 Turnover of the firm for FY 2018-19 and 2019-20 was Rs. 50 crores and Rs. 70 Cores respectively.

TCS on sale of goods made applicable from 01.10.2020.

The firm received sales consideration of Rs. 75 Lacs in Dec 2020 pertaining to sales made in FY 2019-20. Whether TCS have to be collected on this sale amount?

Please guide

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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05 February 2021 TCS has to be collected on receipt basis.

Pragati Sharma

Pragati Sharma (Querist)
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06 February 2021 Sir even if the sale belongs to FY 2019-20 then also TCS will apply?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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06 February 2021 This is receipt based TCS

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Pragati Sharma

Pragati Sharma (Querist)
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06 February 2021 I have another related query in FY 2020-21 sale of Rs. 5 Lacs was only made to the party. Outstanding balance as on 01.04.2020 was Rs. 85 Lacs. This amount was received in Dec 2020. Then also TDS will apply.
Sale during the FY was less than Rs. 50 Lacs.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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06 February 2021 TCS applicable as receipt is more than 50 lacs.

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