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Income tax tcs 50 lakh crossing limit

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naresh

61 Points Posted on 25 January 2021

if i received 27 lakhs in 5th sep 2020 and 28 lakh in 5th dec 2020 from same customer,do i have to pay tcs on full 28 lakh received on 5th dec or just on 5 lakh(28+27 - 50 lac)? my view is on full 28 lakh. am i wrong?

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Quick Summary

This discussion clarifies the rules around Tax Collected at Source (TCS) when your income from a single customer exceeds the £50 lakh threshold. It addresses whether TCS applies to the entire amount received after crossing the limit, or only to the portion exceeding £50 lakh. The consensus leans towards TCS being applicable on the full amount received once the threshold is breached.