TCS ON SALE OF GOODS

This discussion clarifies the applicability of Tax Collected at Source (TCS) on the sale of goods under Section 206C(1H). If your business turnover exceeded £10 crore in the previous financial year (e.g., 2019-20) and you were deducting TCS, but your turnover for the current financial year (e.g., 2020-21) falls below £10 crore, you are generally not required to deduct TCS in the subsequent financial year (e.g., 2021-22).