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How deduct TCS And TDS
Sir, last year my turn over was 7 crores. Do I have to deduct TCS and TDS from the saler? Last year from saler we had received more than one crore payent and this year also we have received sixty lakh.
Replies (3)
The value or aggregate of such value exceeding ₹ 50 Lakhs in any previous year shall at the time of receipt of such amount collect a sum equal to 0.1% of the sale consideration exceeding ₹ 50 Lakhs as Tax Collected at Source (TCS) from the buyer. If the buyer has not provided the Permanent Account Number or the Aadhaar number to the seller, then the applicable rate of TCS will be 1 PERCENT.
Since the turnover during last year is <10 cr, provisions of TCS u/s 206C(1H) and TDS u/s 194Q are not applicable to you for this FY. So No.
Thanks sir
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