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TCS UNDER SECTION 206C(1H)

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(Querist)
08 April 2021 The criteria for the limit of ceiling for TCS of rs 50 lakh on sale consideration received,
we have to check for fy 21-22 also
or TCS should continue to collect from 1st day of April for the parties whose tcs was collected in fy 20-21.


Plz guide.
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CMA Poornima Madhava

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CMA Poornima Madhava (Expert)
08 April 2021 The threshold limit of ₹50 lac of receipt of sale consideration is on yearly basis. For FY21-22, tax to be collected at source only when receipts during FY21-22 exceed the limit.
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