A Proprietor has turnover more than 10 crore in FY 2019-2020. Then he tds and tcs deducted and collected . Now his turnover is less than 10 crore in Fy-2020-2021. In this year if he need to deduct or collect tds and tcs and fille return of tds and tcs need to file .
No TDS u/s 194Q is required to be deducted or TCS u/s 206C(1H) is required to be collected in FY 2021-22 because the turnover was less than Rs. 10 Crores in the FY 2020-21
Here the querist is talking about TDS or TCS on the sale of goods u/s 194Q or 206C(1H) respectively which is evident from the turnover mentioned in the 1st line of the query.
In case of TDS or TCS on the sale of goods u/s 194Q or 206C(1H), threshold of turnover is 10 crores
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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