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TCS on sale of goods

Avinash Jeevan Dsouza (Assistant In Charge Accountant) (3284 Points)

04 December 2020

What is the TCS payment and filling section for TCS on sale of goods ? Is it 6CR?

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gameplaysNmore (96 Points)
Replied 04 December 2020

First and foremost tcs is applicable only on transactions covered in goods. To be eligible to
collect tcs, the turnover during the last financial year should exceed Rs.20/-crore. Tcs to be collected from those buyers from whom the sale consideration to be received should exceed Rs.50 lakhs. TCS to be deducted on the amount exceeding sale consideration by Rs.50/- lakhs.