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Query regarding section:206C (1H)
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
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Quick Summary
TDS should be deducted when turnover exceeds 50 lakhs rupees. On full amount should be deducted
As per section 206C(1H), TCS should be collected only on an amount exceeding 50 lakhs i.e. no tcs for first 50 lakhs
| Originally posted by : Jainam Shah | ||
 |
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.
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.
TDS should be deducted when turnover exceeds 50 lakhs rupees. On full amount should be deducted
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