TCS ON SALE OF GOODS IN SUBSEQUENT F.Y.

This discussion clarifies the rules for collecting Tax Collected at Source (TCS) on the sale of goods in a new financial year. If your sales to a single party exceeded ₹50 lakhs in the previous financial year, you need to start collecting TCS in the current financial year once the receipts exceed the ₹50 lakh threshold. It's also noted that if the buyer deducts TDS under Section 194Q, you don't need to collect TCS on the same transaction. The timing of payment receipt versus sale booking is also considered, especially if a sale is booked in March but payment is received in April.