TCS onsale of goods

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Kowsalya (Querist)
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03 August 2021 Is tcs required to be collected in case of advance received in october of Rs.58L and sale is made in March of Rs.85L?
If Yes, on which amount tcs is required to be collected?

CMA Poornima Madhava

CMA Poornima Madhava (Expert)
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03 August 2021 Assuming that you are referring to Oct 2020, Tax to be collected at source on ₹8 lacs on receipt (assuming no receipts prior to this during the year). On the balance receipts, tax to be collected at source as and when payments are received if the turnover during the preceding year (to receipt) exceeds the threshold limit.

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