Query regarding section:206C (1H)
Jainam Shah (1 Points)
12 April 2021Jainam Shah (1 Points)
12 April 2021
CA. Sourav Sarkar
(Chartered Accountant )
(24573 Points)
Replied 12 April 2021
Mujeeb Doi
(309 Points)
Replied 13 April 2021
CMA Poornima Madhava
(CMA)
(13097 Points)
Replied 13 April 2021
Originally posted by : Jainam Shah | ||
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if total sales till 30-3-2021 is 45lakh and the on 31-3-2021 sales of 6lakh has been done. So nowTCS will be collected on which amt?... full 6lakh or only 1lakh | ![]() |
Provisions of TCS u/s 206C(1H) are applicable only on receipts against sales (not sale value). If receipts from the client during the year exceed ₹50 lacs, tax to be collected at source.
Susmita Dutta, CA , CPA
(CA )
(2141 Points)
Replied 15 April 2021
The TCS amount is to be calculated on sales consideration above Rs.50 Lakhs..so in your case the TCS is to collected on Rs.1 Lakhs.
CA. Sourav Sarkar
(Chartered Accountant )
(24573 Points)
Replied 18 April 2021
Understanding Corporate Tax in the UAE - Essential Insights and Practical Utilization