TMI BlogTCS ON SALE OF GOODS U/S 206C(1H)X X X X Extracts X X X X X X X X Extracts X X X X ..... Dear All As per section 206C(1H) , TCS on sale of goods is applicable from 01.10.2020. My query is: for applicability under this FY i.e. 2020-21, if sale of ₹ 50 lacs has been completed u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pto 30.09.2020 and after 30.09.2020 upto 31.03.2021 sale is ₹ 10 lakh only. Will TCS is applicable on ₹ 10 lacs ? Will ₹ 50 lacs limit to be considered on consolidated basis in FY ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2020-21 (from 01.04.2020) or it has to be receipts of ₹ 50 lacs after 01.10.2020 for applicability of the section ? Regards - Reply By YAGAY andSUN - The Reply = If the seller makes sale ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of goods of value or aggregate value to a buyer exceeding ₹ 50 lakhs, he needs to collect TCS at 0.10 % at the time of RECEIPT of the consideration on the amount exceeding ₹ 50 lakhs. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TCS rate will be 1% if there is no PAN/Adhar of the buyer is available with the seller. - Reply By Vijay Batra - The Reply = TCS will be applicable on only 10 Lakhs will be charged on Invoice - TCS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ON SALE OF GOODS U/S 206C(1H) - Query Started By: - CABIJENDERKUMAR BANSAL Dated:- 1-9-2020 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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