DEAR EXPERTS
MY CLIENT RECEIVED MORE THAN 50 LAKH FROM A BUYER IN THE PREVIOUS FINANCIAL YEAR. OUR TURNOVER IS 3 CRORE LAST YEAR.
IN TCS EXPLANATION IN ONE SITE MENTIONED BELOW
Only those sellers whose total sales, gross receipts or turnover from the business carried on by it exceed ten crore rupees during the financial year immediately preceding the financial year, shall be liable to collect such TCS.
IN OUR CASE WE HAVEN'T CROSSED 10 CRORE TURNOVER.
CAN YOU ADVISE ME ARE WE LIABLE TO COLLECT TCS?
THANKS
CAclubindia
