From 1st April 2022
1. TCS is to be started collecting after turnover exceeds 50 lakhs in 2022-23 for a particular party?
OR
2. For those parties from whom TCS was already being collected in 20-21, for them do we need to start collecting from 1st April 2022 itself?
TC to be collected from customers when you have received more than Rs. 50 Lakhs in consideration against the sale or as an advance against the sale during a Financial Year.
The limit of Rs. 50 Lakhs is applicable for every FY. The TCS is not levied on the first Rs. 50 lakhs collection in the financial year
CAclubindia
