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Tcs applacablity

TRINATH (Accounts) (919 Points)

17 August 2016  
WE ARE MANUFACTURERS OF DE OILED RICE BRAN FROM SOLVENT EXTRACTION PROCESS WE ARE SELLING OUR DOB TO LOCAL FARMERS TO CASH MY DOUBTS ARE AS FOLLOWS: 1) CASH SALE TO MR X 1,50,000/- NO TCS APPLICABLE BUT OUR TOTAL TRANSACTIONS TO MR X IS 25,00,000/- IN THIS MONTH ALL INVOICES ARE BELOW 2,00,000 TOTAL AMOUNT OF RS.25,00,000/- RECEIVED IN CASH THERE IS ANY LIABILITY TO PAY TCS FOR THE ABOVE TRANSACTION THANKING YOU

 4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (107757 Points)
Replied 17 August 2016

Unless the threshold limit of 2 lakh in each single transaction is crossed, no TCS liability.

TRINATH (Accounts) (919 Points)
Replied 17 August 2016

Thanking you sir

so there is no problem to total turnover more then 2 lacs received in cash it will be cosidered each invoice separatly. sir please tellme any referance for this.

 

Thanking you

 

 

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (107757 Points)
Replied 17 August 2016

Government has specifically notified/restricted about number of transactions, but as per notification 23/2016, just clarified limit of each transaction.

A good interpretaion by Ms. Vinita Yadav  in her article at : /articles/amendment-in-tcs-u-s-206c-1d-of-income-tax-act-1961-27028.asp

TRINATH (Accounts) (919 Points)
Replied 17 August 2016

THANKING YOU


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