TCS on sale of Goods u/s 206c 1(h)

Save Share

This query is : Open

Quick Summary

This discussion clarifies that Tax Collected at Source (TCS) under Section 206C(1H) on the sale of goods has not been abolished. While the provision remains applicable, it is no longer in effect for transactions where Tax Deducted at Source (TDS) under Section 194Q applies, effective from 1st July 2021.

G. Parameshwar Rao

G. Parameshwar Rao (Querist)
Follow

14 April 2021 Dear Experts,

Is TCS on sale of Good u/s 206c 1(h) has been abolished from 1st April-2021.

Please let me know.

Thanks & Regards,
Paramesh

Gokul Sharma

Gokul Sharma (Expert)
Follow

14 April 2021 NO.........NOT ABOLISHED

CMA Poornima Madhava

CMA Poornima Madhava (Expert)
Follow

14 April 2021 Provisions of TCS u/s 206C(1H) are applicable even now. However, w.e.f. 1st July 2021, wherever provisions of TDS u/s 194Q are applicable, TCS u/s 206C(1H) on such transactions would be not applicable.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!