TCS Theasehold Limit 50Lac
This query is : Resolved
27 January 2021
Hell,
I am doning first transaction and sales material for the value of Rs.74 lac in Jan-2020, I had charged TCS on full value Rs.74 Lacs @0.075%. But debtors are ready to pay TCS on Rs.24 only (74 Lac-50 Lac). Now my query is that 50 Lac TCS Threashold Limit up to 31st September not an exemptions ?? please suggest.
Thanks & Regards,
Rajesh Kumar
I am doning first transaction and sales material for the value of Rs.74 lac in Jan-2020, I had charged TCS on full value Rs.74 Lacs @0.075%. But debtors are ready to pay TCS on Rs.24 only (74 Lac-50 Lac). Now my query is that 50 Lac TCS Threashold Limit up to 31st September not an exemptions ?? please suggest.
Thanks & Regards,
Rajesh Kumar
28 January 2021
TCS shall be collected on Total Sale Value received less ₹ 50 lakh. TCS applicable on 24 lacs only.
24 April 2021
As I know this Rs.50 Lac is the transaction limit for applicability of TCS rather than exemption limit. can we get details notification.
Notification:- TCS would be collected from buyer to whom sale exceeding Rs. 50 lakhs is made in a year.
Notification:- TCS would be collected from buyer to whom sale exceeding Rs. 50 lakhs is made in a year.
24 April 2021
Note: TCS to be collected on [Total Sale Receipt (Minus) ₹ 50 Lakhs]
See the link.
https://taxguru.in/income-tax/tcs-sale-goods-income-tax-provisions.html
See the link.
https://taxguru.in/income-tax/tcs-sale-goods-income-tax-provisions.html
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