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TDS AND TCS RETURN FILLING

07 June 2022

A Proprietor has turnover more than 10 crore in FY 2019-2020. Then he tds and tcs deducted and collected . Now his turnover is less than 10 crore in Fy-2020-2021. In this year if he need to deduct or collect tds and tcs and fille return of tds and tcs need to file .

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6 Replies

CA Rashmi Gandhi (Chartered Accountant) (86313 Points)
Replied 07 June 2022

No , if turnover in preceding financial year is less than 10 crore then no need to deduct TDS.

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CA Puja Sharma (Chartered Accountant) (4995 Points)
Replied 07 June 2022

No TDS u/s 194Q is required to be deducted or TCS u/s 206C(1H) is required to be collected in FY 2021-22 because the turnover was less than Rs. 10 Crores in the FY 2020-21

Shaikh Firoz (37 Points)
Replied 08 June 2022

Read section 44AB and Tds section
Assessee is liable to deduct tds whn his turnover is more than 1 cr
it is compulsory required to deduct tds otherwise he is considered as assessee in default except some conditions fulfill.

CA Puja Sharma (Chartered Accountant) (4995 Points)
Replied 08 June 2022

Here the querist is talking about TDS or TCS on the sale of goods u/s 194Q or 206C(1H) respectively which is evident from the turnover mentioned in the 1st line of the query.