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.
Menu
TCS us 206C(1H)
Replies (2)
Quick Summary
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.
Tcs is applicable if collection in the F Y is more than 50 lacs
Recent Topics :
- Gifting money to my father-in-law (my husband's da
- GSTR-1 JSON from marketplace exports (Myntra / Ama
- Question on buy back of shares
- Saving corporate tax completely on profit from rea
- Hi experts need some helps
- A query regarding GST and Place of Supply:
- ADT-3 not filed by previous Auditor
- Revising salary on 24Q Q4 FY 25-26
- LTCG: Home Loan Principal Repayment?
- Ims action relationship query
Related Topics :
CAclubindia
