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TCS ON SALES OF GOODS

Jeetu Manglani (157 Points)

19 February 2021  
our company turnover in FY 2020-21 cross 10 cr
now turnover is 10.03 cr as on today so tcs applicable from today on my company or not.. plz guide me

 5 Replies

CA Dolly Sharma (SELF EMPLOYED) (389 Points)
Replied 19 February 2021

Thhe new provisions of TCS have come into force with effect from 1 October 2020 and according to it if your turnover is more than 10 crores in the previous financial  year i.e. the year ended 31 March 2020, then this year you will have to collect and deposit TCS on your receipts from sale of goods from such buyers from whom you received more than Rs. 50 Lakhs as sale consideration during the current Financial year. The TCS is payable on the amount of receipt which is greater than 50 Lakhs and received after 1st. Oct. 2020.



so if upto 31st March 2020,your turnover was less than 10 crore , than the provision are not applicable on your company as on today.

Jeetu Manglani (157 Points)
Replied 19 February 2021

Ok sir thanks
1 Like

Krishna Chaudhary (Accountant) (4531 Points)
Replied 20 February 2021

PY turnover is considered for TCS under sec 206C(1H)
9 Like

Jeetu Manglani (157 Points)
Replied 20 February 2021

Ok sir bu fy 2020-21 tcs applicable or not???

Krishna Chaudhary (Accountant) (4531 Points)
Replied 20 February 2021

Yes TCS is applicable.
but to overcome the deficiency in sec 206C(1H)
a new sec inserted 194Q which will applicable from June 2021.

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