TCS u/s 206C from 1st April 2022

This discussion clarifies the implementation of TCS under Section 206C from April 1st, 2022. It addresses whether the £50 lakh turnover threshold for collecting TCS applies from the start of the financial year or if it's based on previous collection history. The key point is that TCS is collected on consideration received exceeding £50 lakhs in a financial year, with the initial £50 lakhs being exempt.