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TCS under section 206(1H)

This query is : Resolved 
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(Querist)
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.
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CMA Poornima Madhava

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CMA Poornima Madhava (Expert)
13 May 2021 Collect tax at source on Rs.1 lac, provided the payment is also received from the client.
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seeta

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seeta (Querist)
14 May 2021 If we charge TCS on Invoice than ?????
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CMA Poornima Madhava

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CMA Poornima Madhava (Expert)
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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