IS TCS COLLECTED u/s 206C(1H)ON PURCHASES IF THE BUYER IS AN EDUCATIONAL INSTITUTION AND NOT A TRADER. SELLER TURNOVER IS MORE THAN 10 CRORES AND SALE VALUE EXCEEDED 50 LAKHS.
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 04 April 2022
A new section 206C (1H) was introduced by Finance Act 2020 to extend the TCS provisions to the seller of goods. As per this provision, a seller is required to deduct tax at the source on the sale of goods if the aggregate value of such sale exceeds Rs. 50 lakh during the relevant financial year
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