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14 February 2023
What is Section 206 CR?
15 February 2023
As per this provision, a seller is required to deduct tax at the source on the sale of goods if the aggregate value of such sale exceeds Rs. 50 lakh during the relevant financial year.
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15 February 2023
Thank You Sir
briefly explain
What is the different Between 206 C1H and 206 CR?
What is 194 Q?
briefly explain
What is the different Between 206 C1H and 206 CR?
What is 194 Q?
15 February 2023
Section 206CR replaced by 206C(1H).
The government has introduced a new section 206C(1H) through Finance Act 2020 to extend the TCS provisions to the seller of goods. As per this provision, a seller whose turnover is above Rs 10 crore is required to collect tax, when he receives more than Rs 50 lakh from one buyer during a financial year.
Under Section 194Q, TDS is applicable on the purchase of goods, if the amount exceeds Rs. 50 lakhs. Under Section 206C (1H), TCS is applicable on the sale of goods, if the amount exceeds Rs. 50 lakhs.
The government has introduced a new section 206C(1H) through Finance Act 2020 to extend the TCS provisions to the seller of goods. As per this provision, a seller whose turnover is above Rs 10 crore is required to collect tax, when he receives more than Rs 50 lakh from one buyer during a financial year.
Under Section 194Q, TDS is applicable on the purchase of goods, if the amount exceeds Rs. 50 lakhs. Under Section 206C (1H), TCS is applicable on the sale of goods, if the amount exceeds Rs. 50 lakhs.
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