TCS deduction on sale

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73 Points Posted on 16 July 2021
If total turnover of a firm is less than 10.00 crore and sale to a particular party is more than 50.00 lakh than we have to deduct TDs @ 0.075% or not please clarify this.
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On 16 July 2021 at 13:39 Report
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This discussion clarifies the rules around Tax Collected at Source (TCS) on sales. If your firm's total turnover is less than £10 crore, you generally do not need to deduct TCS even if sales to a single party exceed £50 lakh. The provisions for TCS deduction under Section 194Q only apply if both the total turnover exceeds £10 crore and the sale to a specific party is over £50 lakh, with a deduction rate of 0.01%.

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CMA
13117 Points Posted on 16 July 2021

Probably you are referring to TCS. TCS provisions are not applicable as the turnover is within the threshold limit.

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On 16 July 2021 at 13:51
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CA
17100 Points Posted on 16 July 2021
No you don't have to collect tcs as turnover is beyond limit specified.
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On 16 July 2021 at 19:55
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STUDENT
1631 Points Posted on 17 July 2021
Both Conditions satisfied -Turnover of 10 Crore during last F.Y and April to June Turnover -50 Lakhs -Then only the provision of 194Q Applicable & the percentage is 0.01%.
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On 17 July 2021 at 13:44

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