Regarding tcs

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99 Points Posted on 04 October 2020
I have received above 50 lakh from a single party in previous years but my total sales is 9 crore. can I am liable to deduct tcs on sale of any goods.
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On 04 October 2020 at 08:58 Report
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This discussion clarifies the rules around Tax Collected at Source (TCS) on the sale of goods. If your total sales exceed £9 crore but you've received less than £50 lakh from a single party in the previous year, you are generally not liable to collect TCS. TCS is collected, not deducted, and applies to receipts exceeding £50 lakh from a single buyer on or after 1 October 2020.

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39 Points Posted on 04 October 2020
No you are not liable Mr. kundan, secondly TCS is not deducted it is collected
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On 04 October 2020 at 09:16
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24 Points Posted on 04 October 2020
TCS u/s. 206(1H) will be attracted on amount received on sale of good, exceeds ₹ 50L on or after 1.10.2020. In your case TCS will not be applicable
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On 04 October 2020 at 09:50
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Tax and Business Consultant
11616 Points Posted on 04 October 2020
Not liable to collect TCS...
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On 04 October 2020 at 10:34

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