TCS - Section 206C - Insertion of Section 1H
Nikhil (Article Trainee) (125 Points)
01 February 2020
Please Explain about the Insertion of Section 1H . in the finance bill.
7 Replies
Roshni
(Studwnt)
(1141 Points)
Replied 01 February 2020
Whose turnover is more than 10 Cr. and who pays more than 50 lakh to one party...then TCS applies
Nikhil
(Article Trainee)
(125 Points)
Replied 01 February 2020
@ Roshni - But it was earlier applicable for specific Goods, but now applicable to all goods. ?
am I right ?
am I right ?
rishabh
(surat)
(28 Points)
Replied 07 February 2020
in the section it states that tcs to be collected on consideration received above 50 lakhs from a single buyer.
My Question is :
is it necessary that the seller should have made sales of 50 lakhs to that buyer in previous year or consideration received of the sales made in the year preceding to the previous year should also be considered?
Nikhil
(Article Trainee)
(125 Points)
Replied 07 February 2020
@ Rishab - I think it is talking about Previous year, not about preceding PY, see seller definition below this clause 93 in the finance bill.
Recent Topics
- Softex For freelancer ?
- GST ON REIUMBURSEMENT ENTRY ON GST PORTAL
- Missing invoice in gst
- GST on consultancy
- Linking adhaar to UAN without employer
- WHETHER ITC REVERSAL TH. GSTR 3B OR DRC03
- Advance Tax For Freelancers
- Is fvu 8.8 version available ?
- Interest and penalty on advance tax shortfall
- Joint Account with 3 legal heirs.......
Related Threads
CAclubindia
