TCS under section 206(1H)
This query is : Resolved
13 May 2021
Turnover FY 20-21 More than 10 Crores
Current FY 21-22
Sales made to new customer in 01/04/2021 to 12/05/2021 Rs.51 Lakhs.
should i require to collect tcs @ 0.1% on entire sale amount of Rs.51 Lakhs or Rs.1 Lakhs (51-50).
Please reply.
Current FY 21-22
Sales made to new customer in 01/04/2021 to 12/05/2021 Rs.51 Lakhs.
should i require to collect tcs @ 0.1% on entire sale amount of Rs.51 Lakhs or Rs.1 Lakhs (51-50).
Please reply.
13 May 2021
Collect tax at source on Rs.1 lac, provided the payment is also received from the client.
14 May 2021
You can do that also but I think reconciliation would be a tedious task because TCS is applicable on receipts only.
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