03 July 2021
SECTION 206AB FOR HIGHER TDS RATE AND 206CCA FOR HIGHER TCS. CONDITION (1) NOT FILED 18-19,19-20 ITR WITHIN DUE DATE- LETS SAY NOT FILED WITHIN DUE DATE AGGREGATE TDS DEDUCTED(MEANS IN WHOLE YEAR BY ALL CUSTOMER, AM I COORECT? ) IN BOTH P.YEAR 18-19 &19-20 BY MY CUSTOMERS EXCEEDS 50K THEN ONLY MY CUSTOMER WILL CHARGE TDS AT HIGHER RATE. AM I CORRECT? AND THIS SAME CONDITION SEPARATELY FOR TCS? OR AGGREGATE TDS+TCS=50K AND BOTH TDS AND TCS WILL BE DEUCTED AT HIGHER RATE BY MY CUSTOMER(TDS) AND SUPPLIERS(TCS)? PLEASE SOLVE THE DOUBT?
03 July 2021
Yes, sum of TDS/TCS by all deductors/ collectors is considered for determining the threshold and not of individual seller or buyer. If you are checking criteria for TDS/TCS to be done in FY 2021-22 then then you need to check return filing status of PY 19-20 and 20-21. Rs.50,000/- criteria mentioned is aggregate of TDS and TCS.
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