30 June 2021
X- is a supplier with turnover over Rs 10 Cr in previous year Y- is a buyer with with turnover over Rs 10Cr in previous year. X has collected TCS on Sales over 50 lac ( 10 Lac above 50 lac). Now as the game changes after 30.06.2021 and Y is liable to Deduct TDS on Purchases above 50 Lacs. Now What to do with the amount of 10 lac on which Supplier has already Collected TCS.
CAclubindia
