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TCS ON SALE OF GOODS IN SUBSEQUENT F.Y.

Aliasgar Samniwala (5 Points)

29 July 2021  
In f.y. 2020-21 my sale is 10 crore to single party so i collected TCS from 1st oct 2020, now in current F.Y. i.e. 2021-22 do i need to collect TCS in april itself (when receipt is less then 50 lacs) OR shall i wait for receipt exceeding 50 lacs and then collect TCS.

 7 Replies

Ankit Neema (2732 Points)
Replied 29 July 2021

Wait to cross the limit to 50 Lakh
1 Like

CMA Poornima Madhava (CMA) (13007 Points)
Replied 29 July 2021

TCS applicable after exceeding the threshold limit of ₹50 lacs.

Also if tax is deducted at source u/s 194q by the buyer, no need to collect TCS on the same transaction.

1 Like

Ankit Neema (2732 Points)
Replied 29 July 2021

Agree with Poornima Ji
1 Like

Aliasgar Samniwala (5 Points)
Replied 29 July 2021

But what if sale booked in march month and payment received in april.

CMA Poornima Madhava (CMA) (13007 Points)
Replied 29 July 2021

If so, no TDS u/s 194Q is applicable in this case.

Further, since TCS is applicable on receipts and if the receipts are within threshold limit of 50lacs in April, no TCS even if the sale is recorded in March and the payment received in April.

1 Like

Sourav (Student) (23897 Points)
Replied 31 July 2021

Agree with above

Nidhi (Chief Accountant) (2060 Points)
Replied 31 July 2021

Sourav you are replying twice the same answer just for getting points or 250/- reward on CAClubindia.

what is sense of yes or no, just for point..

Please respect this reputed profession and stop making fun of public platform.

It's already told by reputed member to you that stop replying without any base just for points

If you are not Stop this, I have to make complaint to block your account.

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