03 April 2021
Sir, As we all know TCS u/s.6CR to be collected from those customers to whom a seller sells above 50 lacs during a financial year. My query is whether collection is to continuously done even-after 01/04/2021 or collection to be made for bills only as & when the Total Turnover crosses 50 lacs. after above date.
05 April 2021
1) The trigger point here is when receipts (sale consideration) exceed threshold limit of ₹50 lacs (not sale value). When total receipts from a particular customer exceed the limit, tax to be collected at source, at applicable rates. 2) Such receipts to be considered on yearly basis.
CAclubindia
