our company turnover in FY 2020-21 cross 10 cr
now turnover is 10.03 cr as on today so tcs applicable from today on my company or not.. plz guide me
Thhe new provisions of TCS have come into force with effect from 1 October 2020 and according to it if your turnover is more than 10 crores in the previous financial year i.e. the year ended 31 March 2020, then this year you will have to collect and deposit TCS on your receipts from sale of goods from such buyers from whom you received more than Rs. 50 Lakhs as sale consideration during the current Financial year. The TCS is payable on the amount of receipt which is greater than 50 Lakhs and received after 1st. Oct. 2020.
so if upto 31st March 2020,your turnover was less than 10 crore , than the provision are not applicable on your company as on today.
CAclubindia
