Tcs applacablity
TRINATH (Accounts) (919 Points)
17 August 2016TRINATH (Accounts) (919 Points)
17 August 2016
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177961 Points)
Replied 17 August 2016
Unless the threshold limit of 2 lakh in each single transaction is crossed, no TCS liability.
TRINATH
(Accounts)
(919 Points)
Replied 17 August 2016
Thanking you sir
so there is no problem to total turnover more then 2 lacs received in cash it will be cosidered each invoice separatly. sir please tellme any referance for this.
Thanking you
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177961 Points)
Replied 17 August 2016
Government has specifically notified/restricted about number of transactions, but as per notification 23/2016, just clarified limit of each transaction.
A good interpretaion by Ms. Vinita Yadav in her article at : /articles/amendment-in-tcs-u-s-206c-1d-of-income-tax-act-1961-27028.asp