CCI Online Learning
50% OFF in CA/CS/CMA Subjects
     
CIBIL

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

TCS APPLICABILITY


GURUNATHAN (PROPRIETOR)     30 September 2020

GURUNATHAN
PROPRIETOR 
 43 points

| My Other Post

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 

avater

RAJSHREE MUNDRA (CA)     30 September 2020

RAJSHREE MUNDRA
CA 
 2 likes  46 points

View Profile | My Other Post

As per the definition of seller given for the purpose of section 206C(1h), you are not liable to collect TCS under this section

2 Like
avater

Gopala Krishna   01 October 2020

Gopala Krishna

 10 likes  238 points

View Profile | My Other Post

Sir,
If Collect TCS On Taxable Amount Or Total Invoice ( Including GST) Amount

avater

GURUNATHAN (PROPRIETOR)     02 October 2020

GURUNATHAN
PROPRIETOR 
 43 points

View Profile | My Other Post

As per the rule we have to collect on the Total invoice value (Including GST). 


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  



Popular Discussion


view more »



Trending Tags
GST Live Class    |    x