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TCS ON SALE OF GOOD 206C(1H)

D.Srinivasulu (B.SC) (202 Points)

13 May 2021

WE ARE CALCULATING TCS AFTER THRESHOLD LIMIT CROSSED 50LAKHS.FROM 1.10.20. HERE CALCULATE THRESHOLD LIMIT 50 LAKHS ONLY FROM 1.4.20 TO 30.09.20 OR PREVIOUS OF 1.10.2020

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3 Replies

Ankit Neema (2742 Points)
Replied 13 May 2021

You doubt is not clear

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CA Puja Sharma (Chartered Accountant) (5010 Points)
Replied 13 May 2021

You have to check the limit separately for every FY.

CMA Poornima Madhava (CMA) (13112 Points)
Replied 13 May 2021

You need to include receipts from 1st April 2020 onwards to arrive at the threshold limit of Rs.50 lacs. Once the limit is crossed either on 1st Oct or later as and when crossed, you are required to collect tax on the receipts exceeding Rs.50 lacs.