05 February 2021
Turnover of the firm for FY 2018-19 and 2019-20 was Rs. 50 crores and Rs. 70 Cores respectively.
TCS on sale of goods made applicable from 01.10.2020.
The firm received sales consideration of Rs. 75 Lacs in Dec 2020 pertaining to sales made in FY 2019-20. Whether TCS have to be collected on this sale amount?
06 February 2021
I have another related query in FY 2020-21 sale of Rs. 5 Lacs was only made to the party. Outstanding balance as on 01.04.2020 was Rs. 85 Lacs. This amount was received in Dec 2020. Then also TDS will apply. Sale during the FY was less than Rs. 50 Lacs.
CAclubindia
