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Tcs applacablity
WE ARE MANUFACTURERS OF DE OILED RICE BRAN FROM SOLVENT EXTRACTION PROCESS WE ARE SELLING OUR DOB TO LOCAL FARMERS TO CASH MY DOUBTS ARE AS FOLLOWS:
1) CASH SALE TO MR X 1,50,000/- NO TCS APPLICABLE
BUT OUR TOTAL TRANSACTIONS TO MR X IS 25,00,000/- IN THIS MONTH ALL INVOICES ARE BELOW 2,00,000
TOTAL AMOUNT OF RS.25,00,000/- RECEIVED IN CASH
THERE IS ANY LIABILITY TO PAY TCS FOR THE ABOVE TRANSACTION
THANKING YOU
Replies (4)
Unless the threshold limit of 2 lakh in each single transaction is crossed, no TCS liability.
Thanking you sir
so there is no problem to total turnover more then 2 lacs received in cash it will be cosidered each invoice separatly. sir please tellme any referance for this.
Thanking you
Government has specifically notified/restricted about number of transactions, but as per notification 23/2016, just clarified limit of each transaction.
A good interpretaion by Ms. Vinita Yadav in her article at : /articles/amendment-in-tcs-u-s-206c-1d-of-income-tax-act-1961-27028.asp
THANKING YOU
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