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206C(1H)

16 July 2021

A person has received advance of Rs.3 crores from one creditor for supply of stock duly during 2019- 20.
Stock supplied on 01-03-2021.
Is 206c(1H) applicable.
Please do advise.

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3 Replies

CMA Poornima Madhava (CMA) (13097 Points)
Replied 16 July 2021

If payment has been received during fy19-20, tcs is not applicable on such transactions.

CA Anurag Sharma (CA ) (16780 Points)
Replied 17 July 2021

206C(1H) was applicable from 01.10.2020. So if payment has been received before 30.09.2020 then no TCS will be applicable.

Balamurali Unnithan MS (STUDENT) (1631 Points)
Replied 17 July 2021

Payment from -Creditor.

I Think -Debtor.

It's applicable for advance receipts also.

But you check the eligibility of 10 Crore and 50 Lakhs Turnover as well.