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Related to section 206c(h) TCS on sale of goods
to collect tcs in this section 50 lac can be seen every year seperately that mean tcs will be applicable on above 50 lac ...then if a seller collect tcs on last year 2020-21 then in financial year 2021-22 limit pf 50 lac will be given or not
Replies (12)
Quick Summary
TCS based on consideration, for every single customer crossed more than 50 L in the FY or if customer having outstanding not paid for such invoices and consideration in the current FY also be taken care.
That mean if any invoice related to previous financial year but received amount in current year then that received amount also considered on that amount in calculation of 50 lac
Yes correct, receipt is called as consideration. TCS payable based on consideration
| Originally posted by : surbhi bansal | ||
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That mean if any invoice related to previous financial year but received amount in current year then that received amount also considered on that amount in calculation of 50 lac |  |
Yes,Section 206C(1H) will arise only at the time of receipt of consideration.
The released tcs circular is not clear about the year, 50lakha limit is for previous year or current FY.. could you please share the notification to send it to our customers
Its very clear TCS is based on consideration
Thank you. actually my query is about threshold limit has to be calculated on previous year consideration or current FY
Consideration received for the previous balance in the current FY also take into the count, as per rule
Some of our suppliers adding TCS in the invoices even the threshold limit not crossed in this financial year
They assumed it might be crossed and turnover crossed more than 10 crores TCS to be charged by the supplier whose customer transaction more than 50 lakhs including of consideration in current FY
Okay sir thank you for your reply
You are welcome
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