Want to know about this section
This query is : Resolved
14 February 2023
What is Section 206 CR?
15 February 2023
As per this provision, a seller is required to deduct tax at the source on the sale of goods if the aggregate value of such sale exceeds Rs. 50 lakh during the relevant financial year.
Message likes :
1 times
15 February 2023
Thank You Sir
briefly explain
What is the different Between 206 C1H and 206 CR?
What is 194 Q?
briefly explain
What is the different Between 206 C1H and 206 CR?
What is 194 Q?
15 February 2023
Section 206CR replaced by 206C(1H).
The government has introduced a new section 206C(1H) through Finance Act 2020 to extend the TCS provisions to the seller of goods. As per this provision, a seller whose turnover is above Rs 10 crore is required to collect tax, when he receives more than Rs 50 lakh from one buyer during a financial year.
Under Section 194Q, TDS is applicable on the purchase of goods, if the amount exceeds Rs. 50 lakhs. Under Section 206C (1H), TCS is applicable on the sale of goods, if the amount exceeds Rs. 50 lakhs.
The government has introduced a new section 206C(1H) through Finance Act 2020 to extend the TCS provisions to the seller of goods. As per this provision, a seller whose turnover is above Rs 10 crore is required to collect tax, when he receives more than Rs 50 lakh from one buyer during a financial year.
Under Section 194Q, TDS is applicable on the purchase of goods, if the amount exceeds Rs. 50 lakhs. Under Section 206C (1H), TCS is applicable on the sale of goods, if the amount exceeds Rs. 50 lakhs.
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
- Gst on travel by air for business purposes
- CLOSING STOCK QUERY
- F&O reporting in ITR
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- 44AD, 44ADA business details
- Short Term Gain Reporting ITR
- DUE DATE FOR ITR FILING
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- GST ISD Query on various AMCs
- Gst reverse charge mechanism to be claimed in the month of payment
- Itr processing refund
- U/S 194 T
- TDS refund Indemnity Bond
- ITC BENEFIT ON BROKRAGE PAID
- PF wage ceiling
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
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
