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TCS - Section 206C - Insertion of Section 1H
Please Explain about the Insertion of Section 1H . in the finance bill.
Replies (7)
Whose turnover is more than 10 Cr. and who pays more than 50 lakh to one party...then TCS applies
@ Roshni - But it was earlier applicable for specific Goods, but now applicable to all goods. ?
am I right ?
am I right ?
Yes it is applicable in all cases
Ok thanks
IS IT APPLICABLE IF GOODS ARE EXPORTED
in the section it states that tcs to be collected on consideration received above 50 lakhs from a single buyer.
My Question is :
is it necessary that the seller should have made sales of 50 lakhs to that buyer in previous year or consideration received of the sales made in the year preceding to the previous year should also be considered?
@ Rishab - I think it is talking about Previous year, not about preceding PY, see seller definition below this clause 93 in the finance bill.
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