09 June 2016
Dear sir , as per CBDT clarification TCS is not applicable cash received up to 2,00,000/- for more than sale consideration 2,00,00/- and less than sale consideration 10,00,000/- . is it correct sir.
09 June 2016
As per Section 206C(ID) of income tax act, 1961, If value of services exceeds Rs. 2,00,000/- and any amount received in cash, liability to collect TCS arises until and unless on such provision of service no amount is deducted under Chapter XVII-B. So in your case if value of service exceeds Rs. 2 lakh and even single amount received in cash, liability of TCS will arise.
CAclubindia
