A person has received advance of Rs.3 crores from one creditor for supply of stock duly during 2019- 20.
Stock supplied on 01-03-2021.
Is 206c(1H) applicable.
Please do advise.
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206C(1H)
Replies (3)
If payment has been received during fy19-20, tcs is not applicable on such transactions.
206C(1H) was applicable from 01.10.2020. So if payment has been received before 30.09.2020 then no TCS will be applicable.
Payment from -Creditor.
I Think -Debtor.
It's applicable for advance receipts also.
But you check the eligibility of 10 Crore and 50 Lakhs Turnover as well.
I Think -Debtor.
It's applicable for advance receipts also.
But you check the eligibility of 10 Crore and 50 Lakhs Turnover as well.
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