If any buyer is purchasing goods and bill amount is less then 50 lacs whether he have to give any declaration regarding its turnover and last two year income tax acknowledgement no. to the seller?? Please Help.
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Quick Summary
This discussion clarifies the requirements for buyers regarding Tax Collected at Source (TCS) on purchases. For bills under 50 lakh rupees, buyers are generally not obligated to provide a declaration of their turnover or income tax acknowledgements to the seller. However, sellers may request this information for their own compliance purposes.