TCS applicability on sale of goods to AIIMS

Quick Summary
This discussion clarifies the applicability of Tax Collected at Source (TCS) under Section 206(1H) of the Income Tax Act for sales of goods exceeding Rs. 50 lakhs to AIIMS. If your turnover in the preceding financial year was over Rs. 10 crore, TCS is applicable from October 1st, 2020. If TCS was missed between October 2020 and March 2021, it must be collected retrospectively, though interest and late fees may apply.

It's okay. Happens. No problem.
We forgot to deduct TCS from 1st oct 2020 to 31st march 2021. so, should we deduct TCS in next month april 2021?
Yes you can but Interest will be imposed
In audit point of view you have to collect tcs now for 1st oct 20-31st mar 21. but in this case interest and late fees shall also be levied.
We will start to collect TCS from 2021-22 onward. is it ok?
In audit point of view you have to collect tcs now for 1st oct 20-31st mar 21. but in this case interest and late fees shall also be levied.
We will start to collect TCS from 2021-22 onward. is it ok?
Yeah. this is mandatory.
Thank you everyone for your valuable guidance.
Yes TCS should be collected it's mandatory.. Your welcome
Your welcome.

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