W.e.f. 01/06/2016, 1% TCS to be collected on Cash Sales or Service exceeding Rs. 2 Lakh, In this regards, two lakh limit is per transaction or agreegate during the year?
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Tcs on cash sales
Replies (8)
per invoice
Mr.Deepak, the limit is per transaction
the limit is on cash receipts per transaction and for detail refer cbdt circular 23/2016 dated 24/06/2016
the limit is for per transaction. and also the cash component should be more than the rs. 2 lakhs for collecting tds
Thanks to all
That means, if i receive frequently less than 2 lakh cash from same person TCS is not applicable.
Also pl confirm the folliwing.
I raised the invoice in May 16 and cash received in June 16 which exceeds Rs. 2 Lakh, TCS is applicable?
yes tcs is appliacble when ever is should pay in cash.
if your status is Individual or HUF
and you are liable to audit as per provisions of sec 44AB during the financial year immediately preceding the financial year in which the goods are sold or the services are provided.
then sec 206(1D) is applicable otherwise not
Dear sir
My quarry is that i have a transport company and i pay advance in cash for per trip which is exceed 2 lac. Please clearify about tcs for transportation
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