TCS Theasehold Limit 50Lac

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Naresh Kumar Kejriwal (Querist)
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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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 January 2021 TCS shall be collected on Total Sale Value received less ₹ 50 lakh. TCS applicable on 24 lacs only.

Naresh Kumar Kejriwal

Naresh Kumar Kejriwal (Querist)
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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.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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

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