TCS on 50 lakhs

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accountant
213 Points Posted on 30 September 2020
dear sir,
if turnover 58 lakh then TCS deposit on 58 lakhs or diffrence 8 lakhs
and collect every invoice
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On 30 September 2020 at 10:59 Report
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Quick Summary
This discussion clarifies the application of Tax Collected at Source (TCS) when your turnover exceeds 50 lakhs. It addresses whether TCS is calculated on the entire turnover or just the amount exceeding 50 lakhs. The consensus is that TCS is applicable on payments received, and the query seeks to confirm the exact calculation method for invoices.

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26 Points Posted on 30 September 2020
Collect on difference amount
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On 30 September 2020 at 11:44
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GST Practitioner
55067 Points Posted on 30 September 2020
It's Applicable on payment received.
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On 30 September 2020 at 16:56

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