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TCS
if an university established by provisional act receives Rs.5 lakhs from each student in cadh towards fees then whether university is required to collect TCS from the students?
Replies (3)
Now there is penalty on receipt of cash in excess of Rs 200000 under section 269ST on the recipient. This is effective from 1.4.2017. The penalty is 100%. Therefore all what you receive will have to be paid to government.
As per section 269ST, provided exemption granted under sub-section "(d) such other persons or class of persons or receipts, which the Central Government may, by notification in the Official Gazette, specify"; cannot receive cash above 2 lakhs from any student/s.
whether it means to pay 100% penalty as well as TCS?
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