U/c 206 CR
This query is : Resolved
04 August 2023
Whether we need to deduct the TCS for the amount received (>50 lakhs) from Public Sector Undertaking company U/s 206 CR of the Income Tax Act?
04 August 2023
TCS u/s 206 CR not applicable to public sector undertakings.
04 August 2023
Sir,
Ours is a Public Sector Undertaking Company (ABC) and selling goods to another Public Sector Undertaking Company (XYZ) and received amount more than 50 lakhs from XYZ Company.
Whether we need to deduct 0.1% on the amount received over and above 50 lakhs?
Ours is a Public Sector Undertaking Company (ABC) and selling goods to another Public Sector Undertaking Company (XYZ) and received amount more than 50 lakhs from XYZ Company.
Whether we need to deduct 0.1% on the amount received over and above 50 lakhs?
04 August 2023
TCS applicable under section 206C(1H) of the Income Tax Act.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- Regarding ITR filing with more value than showing in AIS/TIS
- TDS _Long term Capital Gain ref.sec 214 Table 2
- TAX AUDIT QUESTION
- ASMT-10 received from A O
- Banking Related Issue
- ITR-Capital Gain
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
