TCS us 206C(1H)

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50 Points Posted on 12 August 2021
X , a seller having turnover exceeding Rs.10 Crore for each of FY 2019-20 and 2020-21 has made TCS on Rs.20 lacs in case of sales 70 lacs for his customer Y in FY 2020-21. Now in the 1st quarter of FY 2021-22 sales to Y is Rs.10 lacs.
My Query is that whether X is liable to make TCS on Rs.10 lacs.
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On 12 August 2021 at 19:14 Report
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Quick Summary
This discussion clarifies the applicability of Tax Collected at Source (TCS) under Section 206C(1H). TCS is only applicable if the total sales in a financial year exceed Rs. 50 Lakhs. Therefore, if a seller's turnover has not yet reached Rs. 50 Lakhs in the current financial year (FY 2021-22), they are not liable to collect TCS on subsequent sales, even if previous years' turnover exceeded Rs. 10 Crore.

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CMA
13117 Points Posted on 13 August 2021
No, TCS is not applicable yet. Tax to be collected at source u/s 206C(1H) only on the value of receipts exceeding Rs.50 lacs during FY21-22 too.
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On 13 August 2021 at 12:23
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Chartered Accoutant
33 Points Posted on 08 April 2023

Tcs is applicable if collection in the F Y is more than 50 lacs 

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On 08 April 2023 at 22:28

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