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TCS ON SALE OF GOODS IN SUBSEQUENT F.Y.
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.
Replies (7)
Wait to cross the limit to 50 Lakh
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.
Agree with Poornima Ji
But what if sale booked in march month and payment received in april.
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.
Agree with above
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.
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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