Tcs, tds query

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72 Points Posted on 16 July 2021
Sir my last year turnover was 10 crores and i pay Tcs on my purchase. So do I also have to deduct TDS on payment above 5000000?
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On 16 July 2021 at 06:42 Report
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This discussion clarifies whether a business with a turnover of 10 crore rupees, which pays TCS on its purchases, also needs to deduct TDS on payments exceeding £500,000. The consensus is yes, TDS deduction is applicable. Specifically, for the period April to June 2021, if turnover exceeded £50 Lakhs, TDS deduction at 0.01% applies. From July 1st onwards, the seller deducts TCS and the buyer deducts TDS.

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STUDENT
1631 Points Posted on 16 July 2021
Yes.
April to June -2021 -Turnover is above 50 Lakhs -TDS Deduction Applicable @ 0.01% From July 1st.
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On 16 July 2021 at 09:02
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3924 Points Posted on 16 July 2021
TCS will be deducted by seller and TDS will be by Buyer .
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On 16 July 2021 at 09:42
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Chartered Accountant
24588 Points Posted on 16 July 2021
Yes TDS should be deducted
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On 16 July 2021 at 12:15

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