TCS ON SALE OF GOODS

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Accountant
144 Points Posted on 04 April 2021
In F.Y 2020-21 tcs applicable on buyer due to sale exceeds over 50 lakh till March 2021.
In F.Y 2021-22 will tcs applicabe on same buyer from april onwards or when his sale exceeds over 50 lakh in F.Y 2021-2022 ?
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On 04 April 2021 at 09:23 Report
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Quick Summary
This discussion clarifies the applicability of Tax Collected at Source (TCS) on the sale of goods. TCS becomes applicable if your sales to a single buyer exceed ₹50 lakh within a financial year. The threshold resets each financial year, meaning the previous year's sales don't impact the current year's applicability. Section 206C(1H) of the Income Tax Act governs this, with Section 206CR pertaining to TDS filing purposes.

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Chartered Accountant
24588 Points Posted on 04 April 2021
It will be applicable as turnover exceeds 50 lakh rupees
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On 04 April 2021 at 09:45
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Tax consultant
552 Points Posted on 04 April 2021
It is not on sales
receipt crosses fifty lakhs
if crosses in 20 21
applicable from April 21
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On 04 April 2021 at 11:08
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23 Points Posted on 04 April 2021
Please share relevant notification
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On 04 April 2021 at 14:49
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Tax consultant
552 Points Posted on 04 April 2021
17/2020 dt 29 o9.20
of income tax.
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On 04 April 2021 at 16:31
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23 Points Posted on 04 April 2021
But it doesn't shown u/s 206CR
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On 04 April 2021 at 16:37
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Tax consultant
552 Points Posted on 04 April 2021
206CR Only tds filing purpose
study the circular and act accordingly.
actual section 206c1(h)
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On 04 April 2021 at 20:38
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Accountant
119 Points Posted on 04 April 2021
Actually tds applicable once receipts exceeds 50lakhs from same buyer in every financial year.It not depending on the receipt of previous year.
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On 04 April 2021 at 23:32

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