TCS REGARDING FOR FY 21-22

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B.SC
202 Points Posted on 15 April 2021
IN 21-22 FY COLLECT TCS AFTER CROSS THRESHOLD LIMIT OR NOT
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On 15 April 2021 at 17:02 Report
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This discussion clarifies the rules around Tax Collected at Source (TCS) for the Financial Year 2021-22. Participants debated whether TCS should be collected from the beginning of the fiscal year or only after a threshold limit is crossed. The consensus, referencing CBDT circulars and press releases, indicates that the Rs. 50 lakh threshold applies to the current FY 21-22, not previous years, and TCS should be collected from the outset if the limit is expected to be breached.

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2742 Points Posted on 15 April 2021
After cross threshold
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On 15 April 2021 at 17:14
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B.SC
202 Points Posted on 15 April 2021
Thank u sir
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On 15 April 2021 at 17:16
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Tax consultant
552 Points Posted on 15 April 2021
No it should be collected from the beginning
if the customer collection crosses fifty lakhs in 20.21.read board circular.
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On 15 April 2021 at 19:29
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2742 Points Posted on 15 April 2021
Limit of Rs. 50L is for the FY
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On 15 April 2021 at 20:06
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B.SC
202 Points Posted on 15 April 2021
Getting confusion pls provide any notification
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On 15 April 2021 at 20:17
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Tax consultant
552 Points Posted on 16 April 2021
Read section 206c 1(h)
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On 16 April 2021 at 08:01
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B.SC
202 Points Posted on 16 April 2021
Ok sir
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On 16 April 2021 at 08:24
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Accountant
119 Points Posted on 16 April 2021
Please read tcs press release dated 30/09/2020..in that it is clearly mentioned threshold limit 50lakhs for current FY not previous years
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On 16 April 2021 at 23:02
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B.SC
202 Points Posted on 17 April 2021
All are getting confused
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On 17 April 2021 at 10:42
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Chartered Accountant
5010 Points Posted on 17 April 2021

This is a debatable issue. In my opinion, TCS must be collected from the start of the FY 2021-22 is previous limit exceeded. 

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On 17 April 2021 at 11:35
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B.SC
202 Points Posted on 17 April 2021
Mdam manjula so many are said TCS must be collect from 1.4.21, but you told after cross TL in current fy
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On 17 April 2021 at 12:18
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Accountant
119 Points Posted on 17 April 2021
Yes the cbdt circular dated 29/09/2020 is confusing about the TL. but later Cbdt cleared all the doubts in its next press release notification dated 30/09/2020. please check the notification you will come to know
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On 17 April 2021 at 23:05

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