TCS provision 206C (1H)
This query is : Resolved
08 October 2020
Dear Sir,
Our turnover is exceeds 10 CR in preceding FY, hence liability to collect TCS @.1%
But we have not received exceed 50 Lacs in any preceding FY from any of my debtor,
Hence I need not to collect the TCS
Pls clarify is it correct....
Thanks
Nikhil
Our turnover is exceeds 10 CR in preceding FY, hence liability to collect TCS @.1%
But we have not received exceed 50 Lacs in any preceding FY from any of my debtor,
Hence I need not to collect the TCS
Pls clarify is it correct....
Thanks
Nikhil
08 October 2020
1) If turnover exceeds Rs. 10 crores in financial year 2019-20, TCS provision attracts, but
2) tax collection (TCS) has to be done if receipts exceed Rs.50 Lakhs in financial year 2020-21 that to
3) along with the receipt from 1-10-2020 only.
2) tax collection (TCS) has to be done if receipts exceed Rs.50 Lakhs in financial year 2020-21 that to
3) along with the receipt from 1-10-2020 only.
08 October 2020
Sir criteria of 50 Lacs receipt from all debtors or from single debtor
08 October 2020
Single debtor...............
30 January 2021
If you have not received amount exceeding Rs. 5000000 from any debtor till date then no need to collect TCS.
Refer below article for more details:
https://www.caclubindia.com/articles/sec-206c-1h-42918.asp
Refer below article for more details:
https://www.caclubindia.com/articles/sec-206c-1h-42918.asp
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