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Applicable TCS Rate ?
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?
Replies (8)
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.
Rate will be 0.01% as amount is Received on April
Agreed, TCS is charges on the receipt basis and not accrual basis.
The rate in force on the day you recd payment
Yes, rate of TCS will be 0.01%.
Rate applicable is 0.1% (not 0.01%)
TCS applicable rate is 0.01% for that transaction
Yes the rate is 0.1% and not 0.01%.
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