TCS ON SALES OF GOODS

W.E.F 01.04.2021 TCS SHOULD CHARGE ON SALE OF GOODS WHOSE SALES CROSSED 50 LAKHS IN FY 20-21 OR IN FY 21-22 WE SHOULD CHARGE AFTER CROSSING 50 LAKHS. CONFUSSION OF CHARGING TCS IN FY 21-22.

THANKS IN ADVANCE

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Quick Summary
This discussion clarifies the rules for charging Tax Collected at Source (TCS) on the sale of goods, effective from April 1, 2021. The key point of confusion is when the ₹50 lakh threshold applies for the financial year 2021-22. TCS should be charged if sales crossed ₹50 lakhs in FY 20-21 or if sales exceed ₹50 lakhs in FY 21-22. For sales exceeding ₹5 crore, TCS at 0.1% applies, but the applicability also depends on turnover and individual customer sales values.

If sale value crossed 50 crores rupees then tcs @ 0.1% should be charged
Sourav Bhai, we need to analyse TO & Sales value too?
eg; Turnover Less than 5 Crores, but sales made more than 50 lakhs to one customer.

Turnover more than 10 crores but 50 Lakhs sales not made to any single customer

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