Commentary on TCS Provision U/S 206C (1H)

Last updated: 26 August 2020
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This document provides a comprehensive commentary on the Tax Collected at Source (TCS) provisions under Section 206C(1H) of the Income Tax Act, effective from 1st October 2020. It clarifies who is liable to collect TCS (sellers with turnover exceeding ₹10 crore in the preceding year), when and how much tax to collect (0.10% on sale of goods exceeding ₹50 lakh per buyer, collected at the time of receipt), and who is considered a buyer. The commentary also covers crucial aspects like applicability to new businesses, treatment of GST, sales returns, advance receipts, and consequences of non-compliance. This guide is invaluable for businesses and sellers needing to understand and comply with these tax regulations.

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Submitted by · Posted 26 August 2020 · Other files by CA PRAMOD SARAOGI · Report
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