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TCS Related Queries

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Nandhakumar

stundent

42 Points Posted on 02 October 2020

for the fy 2019 -20 turnover is Rs 4 cr but the current fy still sep turnover is Rs.10.50 cr now tcs applicable or not

Replies (2)

Quick Summary

This discussion clarifies the applicability of Tax Collected at Source (TCS) based on a seller's turnover. The key criterion is a turnover of at least Rs. 10 Crores in the preceding financial year. If the turnover falls below this threshold in any prior year, TCS collection is not applicable. For the given example, TCS is not applicable for the current financial year (2020-21) as the previous year's turnover (2019-20) was Rs. 4 Crores, but it will become applicable from FY 2021-22.

CA ABHAY GUPTA

Practice

3235 Points Posted on 02 October 2020

To collect the TCS from the buyer, the seller must have a turnover of minimumof Rs.10 Crores for the Preceding Financial year.If in any preceding Financial year, the turnover of the seller hasless than Rs.10 Crores, then the seller is not liable to collect the TCS from the buyer.
thus in your case not applicable.