Tcs on cash received above rs 2 lakh

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 January 2017 DEAR SIR,

I HAVE RECEIVED Rs 1,00,000/- ON 5 APRIL 2016, AND AFTER THAT RECEIVED Rs 1,50,000/- ON 1 JULY 2016, TOTAL CASH RECEIVED DURING THE YEAR IS Rs 2,50,000/-,
NOW THE QUESTION IS THAT TCS U/s 206 IS APPLICABLE OR NOT,

KINDLY REQUEST YOU TO PLEASE CONFIRM WITH PROVISION.

Mayur

Mayur (Expert)
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20 January 2017 First of all TCS is applicable to Individual or Hindu undivided family (HUF) ,whose books of accounts are liable to be audited under section 44AB of Income Tax Act. and also not applicable to A buyer in the retail sale of such goods purchased for personal consumption .
Secondly If the above transaction is related to Only one invoice, then yes TCS is to be collected. TCS is applicable to an invoice (Bill) above Rs. 200000.