TCS ON SALE OF GOOD 206C(1H)

251 views
User Avatar

B.SC
202 Points Posted on 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
0 Reply Share Follow
On 13 May 2021 at 12:24 Report
Replies (3)
Quick Summary
This discussion clarifies the calculation of Tax Collected at Source (TCS) on the sale of goods under Section 206C. The Rs. 50 lakh threshold limit is calculated based on receipts from April 1st of the financial year. Once this limit is crossed, TCS must be collected on the amount exceeding Rs. 50 lakhs.

User Avatar

2742 Points Posted on 13 May 2021
You doubt is not clear
1 Reply
On 13 May 2021 at 12:38
User Avatar

Chartered Accountant
5010 Points Posted on 13 May 2021

You have to check the limit separately for every FY. 

Reply
On 13 May 2021 at 15:20
User Avatar

CMA
13117 Points Posted on 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.

Reply
On 13 May 2021 at 15:56

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Company 3 months old, INC-20A not filed, all 3 of
  2. How do I choose the Best GST Lawyers in New Delhi
  3. Loss on sale of residential flat after indexing al
  4. Short Deduction
  5. Large mismatch between AIS Business Receipts and G
  6. Income tax on Australian Stipendiary Steward on 3
  7. INCOME TAX SECTION 92E
  8. Queries on Tax Invoice and GST
  9. Income Tax Auditor Tenure for Small Companies
  10. Sec 8 company sec 12ab reg

More recent discussions | Post

Related Topics :

Loading