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Applicable TCS Rate ?

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Student CA final new
106 Points Posted on 16 June 2021
what is the TCS Rate, in below mentioned case, If seller issue invoice on 03.Mar.2021 with TCS Rate of 0.075% and Payment received on 25 . April 2021, TCS applicable rate is 0.075% or 0.01% for that transaction?
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On 16 June 2021 at 22:13 Report
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CMA
13117 Points Posted on 16 June 2021
Rate of TCS u/s 206C(1H) would be 0.1% in this case because tax has to be collected on receipt of sale consideration, provided the seller satisfies the threshold limit of turnover.
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On 16 June 2021 at 22:22
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Chartered Accountant
24588 Points Posted on 17 June 2021
Rate will be 0.01% as amount is Received on April
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On 17 June 2021 at 05:49
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170 Points Posted on 17 June 2021
Agreed, TCS is charges on the receipt basis and not accrual basis.
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On 17 June 2021 at 08:22
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tax consultant
3306 Points Posted on 17 June 2021
The rate in force on the day you recd payment
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On 17 June 2021 at 09:17
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Chartered Accountant
5010 Points Posted on 17 June 2021

Yes, rate of TCS will be 0.01%. 

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On 17 June 2021 at 09:32
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CMA
13117 Points Posted on 17 June 2021

Rate applicable is 0.1% (not 0.01%)

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On 17 June 2021 at 14:45
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BUSINESS DEVELOPMENT MANAGER
1697 Points Posted on 17 June 2021

TCS applicable rate is  0.01% for that transaction

 

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On 17 June 2021 at 16:07
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Chartered Accountant
5010 Points Posted on 18 June 2021

Yes the rate is 0.1% and not 0.01%. 

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On 18 June 2021 at 10:26

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