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TCS applicability on sale of goods to AIIMS
we sale goods of Rs 1cr. to AIIMS after 1st october 2020. our turnover in last FY is more than Rs. 10cr. Is TCS applicable u/s 206(1H) of Income Tax Act?
Replies (25)
Quick Summary
Yes TCS is applicable as turnover is more than 50 lakhs rupees
What should we do, if we didn't collect TCS till april-21?
Take tan number and charge tcs when your sale consideration from AIIMS reach 50 lakhs
What about last year's TCS?
Dear sir your liability starts from fy 2021-22 because of Last year your turnover crosses 10 crores and assuming your turnover of fy 2019-20 is below 10 crores
Shall I deduct last years's TCS Now?
No. tcs for FY 20-21 not required in your case. deduct from FY 21-22 if required.
| Originally posted by : sandeep sharma | ||
 |
we sale goods of Rs 1cr. to AIIMS after 1st october 2020. our turnover in last FY is more than Rs. 10cr. Is TCS applicable u/s 206(1H) of Income Tax Act? |  |
If you have received >Rs.50 lacs during FY19-20 then only you are required to collect tax at source u/s 206C(1H). So check total receipts during FY19-20
| Originally posted by : sandeep sharma | ||
|
we sale goods of Rs 1cr. to AIIMS after 1st october 2020. our turnover in last FY is more than Rs. 10cr. Is TCS applicable u/s 206(1H) of Income Tax Act? | |
If you have received >Rs.50 lacs during FY19-20 then only you are required to collect tax at source u/s 206C(1H). So check total receipts during FY19-20
But tcs is applicable from 01-10-2020 right?
Agree with poornima
Oh! yes, thanks. I meant total receipts during FY19-20 (1st Oct onwards)
It's alright. Not FY 2019-20 but FY 2020-21. (1st oct onwards)
OMG! You are right. I didn't get it again!. It is FY 20-21
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