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 :
- Subject: Urgent Assistance Required – TRACES
- Claiming business re-imbursements while filing GST
- E-waybill 14 Digit Numbring
- Non filing of MGT-14 for MD appointment
- HUF AFFIDAVIT vs HUF DEED - REQUIREMENTS & STA
- Free Pre-Filing Tool to Match GSTR-3B vs GSTR-2B (
- MR AASHOK KUMAR SHARMA
- NIC codes for FIRMS registration of entity
- Register on Income Tax as CA
- Deduction In Employee Provident Fund
Related Topics :
CAclubindia
