TCS on Turnover u/s.6CL
This query is : Resolved
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.
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.
2) Such receipts to be considered on yearly basis.
05 April 2021
Thank you , mam. Now it is clear for me!
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