Sale of property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 June 2016 Sir,

Reciept of cash payment exceeding 2 lakh rupees for sale by any person of goods or services of any other nature,to be reported by person liable to tax audit under44.Sir can u provide me what this clause states about any other nature

Rupesh Jain

Rupesh Jain (Expert)
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10 June 2016 for Individual or Hindu undivided family (HUF) ,whose books of accounts are liable to be audited under section 44AB of Income Tax Act. they have to collect the TCS ,. on other no condition they have to collect TCS. value exceeds Rs. 2 lcas then TCS will applicable.