X , a seller having turnover exceeding Rs.10 Crore for each of FY 2019-20 and 2020-21 has made TCS on Rs.20 lacs in case of sales 70 lacs for his customer Y in FY 2020-21. Now in the 1st quarter of FY 2021-22 sales to Y is Rs.10 lacs.
My Query is that whether X is liable to make TCS on Rs.10 lacs.
2 Replies
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 13 August 2021
No, TCS is not applicable yet. Tax to be collected at source u/s 206C(1H) only on the value of receipts exceeding Rs.50 lacs during FY21-22 too.
CA.Manya Hari Dudani
(Chartered Accoutant)
(33 Points)
Replied 08 April 2023
Tcs is applicable if collection in the F Y is more than 50 lacs
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