TCS matter
Balbhagwan Pandey (34 Points)
05 October 2020
I ve supply to client 62. Lacs in single supply now TCS will on 62 Lacs or 12 lacs
5 Replies
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 05 October 2020
TCS is applicable to you only when your Turnover of last financial year is more than 10 crores.
If it's more than 10 Crores than in current year i.e w.e.f 1 st October, 2020 you are liable to collect TCS on value exceeding Rs. 50 lakh. (this limit we have to check on whole year basis)
In your case Required to collect tax on Rs. 12 Lakhs Only (Assume there is no Supply to this buyer in current year - earlier month's)
If it's more than 10 Crores than in current year i.e w.e.f 1 st October, 2020 you are liable to collect TCS on value exceeding Rs. 50 lakh. (this limit we have to check on whole year basis)
In your case Required to collect tax on Rs. 12 Lakhs Only (Assume there is no Supply to this buyer in current year - earlier month's)
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 05 October 2020
Than, TCS should be collected on Rs. 12 Lakhs only
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